COVID-19: Federal government announces $25,000 grant for home builders and renovators
Yesterday, the Federal Government announced a new grant for Australians looking to build or renovate their homes.
Until 31 December 2020, the government’s HomeBuilder program will hand out a total of $25,000 for those who are eligible. This grant follows a series of stimulus packages introduced by the Morrison government in efforts to save the Australian economy from COVID-19.
Summarised are further details of the grant:
- The grant will be open to all owner-occupiers and not just first home buyers.
- Applicants must be aged 18 years or older
- Applicants must be Australian citizens
- To be eligible, income caps of $125,000 for singles and $200,000 for couples apply. This will be reviewed based on the applicants’ latest assessable income
- For new home renovations, a national dwelling price cap of $750,000 will apply
- For existing home renovations, a renovation price range of $150,000 to $750,000 will apply.
- Construction must commence within 3 months of the contract date
This program will complement the existing national First Home Owner program, stamp duty concessions and other grant schemes. Up to $680 million is expected to be given out to 27,000 Australians.
The National Treasury has provided a fact sheet and an FAQ sheet for those who are interested in applying for the grant.
