Published on Jun 22, 2020
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The Australian Government is supporting jobs in the residential construction sector with the introduction of the new HomeBuilder program.
From 4 June until 31 December 2020, owner-occupiers and first home buyers may be eligible for grant funding of $25,000 as part of the new HomeBuilder program introduced to drive economic activity across the residential construction sector.
The new initiative will help to support 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector including businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.
Applicants will be subject to eligibility criteria, including income caps, a national dwelling price cap of $750,000 will apply for new home builds and a renovation price range of $150,000 up to $750,000 will apply to an existing home with a current value of no more than $1.5 million.
The program is expected to provide around 27,000 grants at a total cost of around $680 million and is expected to increase residential construction activity in the coming months.
The HomeBuilder compliments existing grant programs and schemes including; First Home Owner Grants and stamp duty concessions as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
The program will create even more opportunities for first home buyers to enter the property market, as well as support other eligible Australians to build a new home or renovate an existing home.
For more information on the HomeBuilder program including eligibility visit Treasury Coronavirus Economic Response
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