On 4 June 2020, the Federal Government announced the HomeBuilder program to support jobs in the residential construction sector. The program is a time-limited grant, designed to boost activity in the housing industry after the Housing Industry Association warned it was bracing for a potential drop of 50% for new builds in the second half of 2020.
The key points of the program are as follows:
- A grant of $25,000 for all eligible owner-occupiers (including first home buyers) to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020.
- The program will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
- The $25,000 grant will be non-taxable, this is consistent with existing State and Territory First Home Owner Grant programs.
- The program is only for owner-occupiers and not for investment properties or ownerbuilders.
- The program is time-limited, but it is uncapped in terms of the number of participants and total funds available.
For more information on the program including eligibility and application information click here.