Housing Stimulus | Homebuilder
The Federal Government will give eligible Australians $25,000 to build their dream home (and create jobs for WA, another plus).
- The scheme will give $25,000 grants to eligible homeowners, but recipients will need to spend at least $150,000 of their own money
- The Government hopes it will ease a predicted downturn in construction demand
- Labor and the Greens have called for the Government to invest more in social housing
The Government will give $25,000 grants to owner-occupiers for certain works on their homes.
Eligibility to Homebuilder will be be restricted to substantial renovations and the construction of new homes, with recipients required to spend at least $150,000 before being eligible.
The grants will be means-tested to exclude couples making more than $200,000 per year and individuals making more than $125,000 per year, while limits will also be placed on the value of the property the grants go towards.
New builds will be capped at $750,000, while renovations can cost anywhere between $150,000 and $750,000, but will only be subsidised if the house being altered is valued at less than $1.5 million.
The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders.
The Government is requiring that all eligible builders be licensed or registered before the Government's announcement, keeping the timeframe for the scheme to six months, and having tighter eligibility for the program.
First homebuyers can also access the First Home owner grant of $10,000 in WA
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Homebuilder Housing Stimulus package*
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Government grants of uptown $25,000 are available with the Homebuilder housing stimulus package. Grants are means tested