COVID-19: Federal government announces $25,000 grant for home builders and renovators

COVID-19: Federal government announces $25,000 grant for home builders and renovators
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.

Jieyee Ong

Jieyee Ong

Jie Yee is a researcher at urban.com.au with experience in business, financial and property news.

Tags: 
COVID-19 Australia

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