There’s never been a better time to build!
A new stimulus packages has been released in the wake of the Coivd-19 crisis to boost the Australian economy. The $25,000 HomeBuilder grant was announced last week and will give Australian’s planning a home build a much needed helping hand. If you’re a first home buyer, you can also combine the First Home Buyers grant with the new stimulus grant. This will mean that first home buyers in NSW are eligible for $35,000 off their home build, while first home buyers in Queensland can enjoy $40,000 off their home build. The stimulus package also includes stamp duty concessions and has the following criteria;
- Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
- Couples must have a combined income of less than $200,000 based on their tax returns.
The HomeBuilder grant can be used on any home build contracts signed between 4 June 2020 and 31 December 2020. Because this grant is only available for 6 months, finance will need to be organised quickly or you could miss out.
This grant will undoubtably be life changing for many and will make a huge difference to the Construction industry recovering from the pandemic. A bigger incentive for Australians to build property would mean more jobs available for trades, building companies and suppliers. Plus, more Aussies will get to embark on the dream of owning their own home sooner than expected.