$25,000 Stimulus Packages to be Available with New Home Builds

With social restrictions easing and normality on the horizon, it is welcome news that the Australian government has announced a building stimulus package that offers a $25,000 cash grant to prospective new home builds.
This new incentive aims to provide a boost to the building industry in light of the recent economic downturn due to the COVID19 crisis, with specific details regarding applicant eligibility including:

  • A grant of $25,000 to eligible owner-occupiers (not just first home buyers) to build a new home where the contract is entered into between today and December 31, 2020.
  • Construction of a new home must be contracted to commence within three months of the contract date.
  • Income thresholds – consistent with the First Home Buyers Deposit Gap Scheme (FHBDGS) - of $125,000 for singles, or $200,000 for couples.
  • A threshold of $750,000 for the value of the new home (including land) – again consistent with the FHBDGS.
  • Revenue offices at the state and territory level to administer the scheme.

This is an exciting development for the new home industry and will help get people into their new homes quicker and easier than ever before.
To learn more and to find out if you’re eligible, head to:
https://treasury.gov.au/coronavirus/homebuilder

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