HomeBuilder Stimulus Package Explained

Details emerged last night of the governments Homebuilder stimulus package.

In a nut shell:

$25,000 grants for new homes or to renovate an existing property

2 income caps – Individual $125k, couples $200k

Enter into a building contract between June 4 to December 31

Work must commence within 3 months of the contract date

Renovations must be worth between $150k & $750k with the dwelling valued under $1.5m

Renovations can be a combination of works – eg kitchen & bathroom

Renovations must improve the accessibility, safety & liveability of the home

New homes up to $750k including land

Building works must be undertaken by a licenced building contractor

No companies or trusts. Applicants must be an Australian citizen

Owner builders and investment properties excluded

No swimming pools, tennis courts, outdoor spas, sheds or garages

Administered by state governments 

Applications processed once state & territory governments sign up to the partnership. Applications to the Homebuilder program will be back dated to June 4

The above is what I have seen to date. Please make your own enquiries direct with your state government as to your eligibility.

To avoid the expected bottleneck this stimulus package will create contact us to secure a Discovery Meeting to get your project underway.

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