Government unveils HomeBuilder program.
The Australian Government will grant $25,000 cash for people looking to renovate or build a new home as a way to stimulate the economy.
In order to qualify for HomeBuilder people will need to build a new home worth up to $750,000.
Renovators will be eligible for $25,000 cash of their existing property is valued at less than $1.5 million.
“If you’ve been putting off that renovation or new build, the extra $25,000 we’re putting on the table along with record low interest rates means now’s the time to do it,’’ the Prime Minister said.
“This investment isn’t just about helping Australians bring their dream home to life, it’s about creating jobs and helping support the more than one million workers in the sector including builders, painters, plumbers and electricians across the country.”
Applicants for HomeBuilder will need to meet the following criteria:
• Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
• Couples must have a combined income of less than $200,000 based on their tax returns.
Cash for Homebuilder will be for contacts entered into between 4 June 2020 and 31 December 2020.
The Treasurer said the HomeBuilder program would generate significant economic activity as the economy struggles.
The construction sector is the number one industry covered by the Government’s JobKeeper program with more than a million Australians employed across the sector,’’ he said.
“However with dwelling investment expected to decline by around 20 per cent through the June Quarter, the HomeBuilder program will support residential construction activity and jobs across the industry at a time when the economy and the sector needs it most.”
Housing Minister Michael Sukkar said the scheme would be on top the extra incentives currently in existence.
“HomeBuilder will build upon this, creating even more opportunities for Australians to build a new home or renovate an existing home for their family, while supporting our vital residential construction industry.”