As Australia enters its first recession in 29 years, the federal government will fund grants for building and renovation worth $25,000 for eligible singles and couples.
The $688 million stimulus package will be provided to those planning to build or renovate homes between 4th June and 31st December 2020.
To be eligible, singles must earn $125,000 or less annually based on their tax return from 2018 or later, and couples need to earn a combined annual income of under $200,000.
Grants will only be provided for renovations on existing properties valued at or between $150,000 and $750,000, while grants for building will only be issued to properties valued at no more than $750,000.
Renovations on properties valued at more than $1.5 million prior to renovations won’t receive the grants nor will renovations that don’t improve the liveability or safety of the home.
Treasurer Josh Frydenberg said the housing sector is critical to Australia’s economy, worth $100 billion a year.
The housing sector is critical to the Australian economy. Our #HomeBuilder program is designed to boost construction to create jobs & grow our economy. #HomeBuilder will provide a $25k grant to eligible owner-occupiers to build a new home or renovate an existing home🏡. pic.twitter.com/ke211eX1Ez
— Josh Frydenberg (@JoshFrydenberg) June 3, 2020
“More than a million people are employed in the construction industry,” he said.
“Today’s announcement is designed to get our tradies back to work.”
Photo: Architect at work by Daniel McCullough found HERE and used under a Creative Commons Attribution.