A new HomeBuilder program will provide $25,000 for owner occupiers to build or renovate their homes, as part of the Federal Government’s push to support 140,000 direct jobs in the residential construction sector.
The program is expected to provide around 27,000 grants at a total cost of $680 million.
HomeBuilder applicants will be subject to eligibility criteria. Owner-occupiers can apply for the grant if they earn less than $125,000 for singles or $200,000 for couples. A national dwelling price cap of $750,000 will apply for new home builds and a renovation price range of $150,000 up to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
The Federal Government believes the increase in residential construction will help fill the gap in construction activity expected in the second half of 2020 due to the COVID-19 pandemic.
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In a joint statement, Prime Minister Scott Morrison said HomeBuilder will help to support the 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector including businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.
The scheme has been designed to complement existing state and territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
The HomeBuilder program will be implemented via a National Partnership Agreement, signed by the Commonwealth and state and territory governments.