The Federal Government’s new $680 million Homebuilder program was announced on June 4 and makes grants of $25,000 available to help build or renovate your home.
So why is the Government offering this grant? It’s to help stimulate the home building construction industry which is a huge part of our economy.
As an avid renovator and someone who encourages most of her clients to renovate, I was excited about this grant at first. So, what’s the catch? There are a number of criteria and once you dig down into the ‘nitty gritty’, you understand it is only for targeted residents.
Here’s how it works:
It’s available for contracts signed between June 4 and December 31, 2020;
Construction must commence within three months of the contract signed;
It’s means tested. Singles can’t earn more than $125,000 and couples $250,000;
New home builds valued at no more than $750,000;
Home renovations that cost between $150,000-$750,000;
Pre-renovation value of the property must not exceed $1.5m; and
Only a home will be eligible.
Happy renovating. Reach out for expert advice from Amanda on 1300 447 732 or if you need to sell, call Tony on 0413 696 722.
