Today Prime Minister Scott Morrison announced the new Home Builder Grant to assist Australian citizens looking to build or renovate their home. Eligible citizens will receive a $25,000 grant to build an owner occupied new home, or for them to carry out substantial renovation projects.
The grant reflects HIA’s call on the Government to provide support for the housing industry to limit the impact of COVID-19 and bring forward housing activity into the second half of 2020 to avoid a significant drop in housing starts and jobs. Although the full details have not yet been released, here’s what we know so far:
- The incentive is available to eligible owner occupiers who enter a contract between today (4th June) until the 31st December 2020
- Building work must commence within 3 months of the contract being signed
- The maximum value of an eligible new home building contract is $750,000 including land
- The value of a home renovation must be over $150,000, up to a maximum of $750,000
- Eligible owner occupiers must be Australian Citizens
- Eligible owner occupiers must be have a maximum income of $125,000 for singles and a combined income of up to $200,000 for couples
The Government has also said that the grant will be administered to each state and territory revenue office, and paid directly to the owner occupiers after the first progress payment. What’s even better is that the grant will compliment the existing First Home Owners Grant. For eligible first home buyers thats a saving of $35,000!!! If you’re ready to take advantage of this unbelievable stimulus packages, contact us today on 0438 692 962, and trust Hurst Homes, Wagga’s Best Builder to build your dream home!