Building Stimulus Package
The Morrison government will provide grants of up $25,000 for eligible homeowners to build or renovate between June and December, which is expected to give a shot in the arm to the building and construction sector.
The $688 million HomeBuilder scheme is uncapped, and applicants need to meet a number of conditions including;
- singles earning less than $125,000 and couples on a combined income of under $200,000;
- if they are building a new home, it must be worth less than $750,000 including the land;
- if they are planning to renovate an existing property, it must worth less than $1.5 million;
- and they must spend more than $150,000 and less than $750,000 on the renovations.
- The HomeBuilder scheme is not available for investment properties and owner-builders.
The building contracts need to be executed between 4 June and 31 December 2020 and work must start within three months of the contract date.
The grants can be used for kitchen and bathroom renovations carried out by licensed contractors, but cannot be for used additions such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
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