The Government has announced the new Home Builder program to support jobs and boost demand in the residential construction sector at a time when the construction industry is facing extreme uncertainty.
Home Builder will provide eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
The grants are open to singles earning less than $125,00 a year, or $200,000 per couple. They can be used for new homes valued up to $750,000 including land, or renovations worth between $150,000 and $750,000 for renovating an existing home with a current value of no more than $1.5 million.
The money can’t be used on investment properties or to build things outside the house such as pools or sheds and the works are to be done by a licensed builder.
The program is expected to provide around 27,000 grants at a total cost of approximately $680 million.
The grants are available from 4th June and will run until the end of 2020. Construction must be contracted to commence within three months of the contract date.
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