Finance Minister MathiasCormann has indicated the government’s HomeBuilder scheme won’t be extended beyond December, amid fears “of a demand cliff” in the construction sector.
Finance Minister Mathias Cormann has indicated the government’s HomeBuilder scheme won’t be extended beyond December, amid fears “of a demand cliff” in the construction sector. “This is a scheme that started from June 4 and is in place until December 31 in relation to projects that start construction within three months of the contract being signed,” Mr Cormann told Sky News.
To be eligible, individual applicants must earn less than $125,000 a year, or $200,000 for couples. They must also sign a contract between July and December, and the new home can only be worth up to $750,000. Those wanting to renovate, must spend at least $150,000 on the work. “It is a program put in place to help bring forward demand and get activity in the residential construction sector,” he said.
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