How does the federal government's new 'HomeBuilder' scheme work? We break it down. Read more: 6.00pm on 9News
In theory, this will radically boost the number of jobs available for tradies who are suffering in the wake of COVID-19 as renovation numbers drop.Let's break it down one-by-one, as this can get a little confusing. It's probably best to go down this checklist, and if you answer "yes" to each, then you are eligible.
- You must be an owner-occupier. This means you must live in the property you intend to apply for the grant for.- If you are single, you must have earn less than $125,000 per annum .A new house development under construction.To be eligible for the grant, you must: - Enter into a building contract between June 4, 2020 and December 31, 2020. It's only available for the latter half of this year., the value of that property including land must not exceed $750,000., the renovation contract must be valued between $150,000 and $750,000 and the value of your home prior to renovations must not be worth more than $1.5 million.This is big money.
Not every State or Territory Government has signed the National Partnership Agreement yet, but applications will be backdated to June 4, 2020 so you won't miss out.At this point, we don't know the exact process each State or Territory will want. What we do know is that you will need to provide proof of your identity, a copy of the contract with your licensed builder, your tax returns and other property documents such as council approvals and building contracts.
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New HomeBuilder package aims to safeguard jobs of a million tradiesAustralians will be offered $25,000 to build or substantially renovate a home in a bid to boost the flagging construction industry, which has hit the wall following a coronavirus-induced economic downturn
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Federal government offers $25,000 home builder grants to support construction sectorThe federal government has launched a $688 million HomeBuilder grants scheme it says will keep 140,000 jobs in the construction industry through the recession.
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Morrison government unveil $688 million HomeBuilder scheme | Sky News AustraliaThe Morrison government has unveiled a $688 million HomeBuilder scheme to combat a predicted 50 percent decline in the construction of new houses.\n\nEligible participants in the scheme will be able to access $25,000 dollar grants for a six month period from July until the end of the year.\n\nTo be eligible, individual applicants must earn less than $125,000 dollars annually, or $200,000 annually for couples.\n\nA further stipulation requires a new home cannot cost more than $750,000 dollars while those wanting to renovate, must spend at least $150,000 dollars on the work.\n\nCompliance checks will be carried out by state revenue offices, to ensure the program remains uncompromised. \n\nDespite welcoming support for the building industry, Labor is pushing the government to include social housing in the stimulus package.\n\nImage: Getty\n
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'Keep that dream alive': PM announces $688 million HomeBuilder schemeAustralians looking to build or renovate in the second half of the year will be able to get $25,000 from the federal government as part of a scheme aiming to keep the construction industry moving. 9News
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State and territory governments to supplement HomeBuilder scheme | Sky News AustraliaStates and territories are preparing to supplement the federal government’s $688 million HomeBuilder scheme with their own grants in a bid to boost the housing construction sector.\n\nSky News Political Editor Andrew Clennell said state governments are keen to contribute to the scheme to drive up new home construction within their own jurisdictions. \n\n“The states are preparing to jump on top of it – WA, I’m told, with a $20,000 additional grant on top under consideration, and Tasmania similarly,” he said.\n\n“NSW is considering adding a stamp duty exemption on top, South Australia too considering its own grant on top.”\n\nUnder the proposal unveiled by Prime Minister Scott Morrison on Thursday, Australians wanting to build a new home or make major renovations will now be eligible for $25,000 grants to turbo-charge the construction industry.\n\nTo be eligible, individual applicants must earn less than $125,000 a year, or $200,000 for couples.\n \nThey must also sign a contract between July and December, and the new home can only be worth up to $750,000. \n\nThose wanting to renovate, must spend at least $150,000 on the work.\n\nMr Clennell said the construction industry is facing a 50 per cent decline in new home builds, which is why the sector wanted the government to scrap its means test.\n\n“The irony of this grant is to afford a $150,000 renovation and your mortgage, you probably have to be pretty well off – better off in a place like Sydney or Melbourne than having a household income of 200k,” he said.\n\n“If the argument was that it was required to allow more residential construction when the order books are empty, should they have been a bit more generous with the means test?”\n\nMr Clennell said while the Coalition’s scheme is primarily designed to boost the construction sector, it is another example of Prime Minister Morrison pitching his policies squarely at the political centre, in the hope Labor under Anthony Albanese will be pushed “further to the left
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