The Australian government has today announced a construction stimulus package of $25,000 for homeowners planning their renovation or new build.
Called HomeBuilder the grant provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.
As of today (4th June 2020) the details so are:
- The grants will be means tested - $125K for singles, $200K for couples - based on FY18/19 tax returns - The property must be owner occupied and principle place of residence. - Renovations must be costed between $150K - $750K and for properties with valuations under $1.5M
- New builds are limted to $750K total for house and land
- The grant will apply to contracts signed between 4 June and 31 Dec and work has to commence on site within 3 months of contract date - Not applicable to owner builders, and the contractor cannot be a family member
For current information including FAQ go to the Treasury website here:
It should be said that rushing into a project, hurrying into signing contracts, drawings etc would not be something we recomend, and this grant, while generous, should be treated with caution and well informed decisions
Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course, and we will send out an update to our mailing list when further details are released, so please email 'JOIN' to admin@littlebrickstudio.com.au if you would like to be added to the contact list.
Please note - As we only complete a limited number of projects per year, if you are thinking of taking advantage of this grant and your project is not yet underway, we would highly recommend getting in touch as soon as possible to ensure you do not miss out