The government has announced the HomeBuilder scheme, which will see eligible owner-occupiers who are either building or undertaking a substantial renovation given $25,000 for doing so. But who will actually benefit from the stimulus?
HomeBuilder will provide eligible owner-occupiers, inclusive of first home buyers, a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020.
Construction works on the home must commence within three months of the contract being signed.
To access HomeBuilder, property purchasers and renovators must be an owner-occupier of the property.
They must also:
Eligibility will also require having an income below one of the following income caps:
The building contract must be entered into between 4 June 2020 and 31 December 2020 and must fall into either of the following categories:
Construction must be commenced within three months of the contract details.
According to the Treasury, HomeBuilder will complement all existing state and territory First Home Owner Grant programs, stamp duty concessions and other grant schemes.
It will also complement the Commonwealth government’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.