Australians 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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Figures from the Australian Bureau of Statistics released on Wednesday highlighted the issues facing the building sector.Loading Prime Minister Scott Morrison said the investment wasn't just about helping Australians bring their dream home to life, but supporting the more than one million builders, painters, plumbers and electricians across the country.
The scheme will means-tested for singles who earned up to $125,000 in the previous financial year, and couples who earned up to $200,000 between them. HomeBuilder cannot be for used for additions to the property that are unconnected to the principle place of residence such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.Owner-builders and those seeking to build a new home or renovate an existing home as an investment property will be ineligible for scheme.
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