The Australian government just announced details of the new $25,000 HomeBuilder stimulus package, aimed at helping Aussies build their dream home and keeping tradies in jobs.
We’re working through this together.
We’ve all been spending more time at home lately, and it may have gotten you thinking about the getting started on your dream home.
Whatever you’re thinking, this is the perfect time to invest in your dream home with the government’s new $25,000 HomeBuilder grant aimed at boosting our economy and helping the building sector after the fallout of COVID-19.
Prime Minister Scott Morrison announced the details of the package yesterday, stating that it was only for projects that haven’t yet begun as a way to help workers across the building industry that have been impacted by the coronavirus restrictions.
“This will make a real difference to the everyday battlers, saving jobs and keeping the great Australian dream alive. For our Langdon team, this secures the financial stability of the 12,000 families that relies upon us for their livelihood.”
The scheme is intended to be a boost for the industry, with the stimulus package only available for the second half of the year from midnight June 4th. Contracts must be entered into before December 31st to incentivise builders to get our economy back on track sooner. Construction must commence within 3 months of the contract date.
The Details you Need to Know
The PM has stressed that this isn’t intended for investors, industry builders or millionaires looking to capitalise on the stimulus package. Specifically aimed at low-medium income households looking to jump on the property ladder, there’s a range of eligibility criteria to ensure the right people benefit.
Singles looking to build a new home or renovate can earn an income of up to $125,000, while couples can earn up to $200,000 combined. It also doesn’t affect the first home buyers grant, which means there’s even more incentive to buy your first home in 2020.
Property Price Caps
If you’re looking to build a brand new home, it must be valued at $750,000 or under.
How to get started
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