The Australian Government has announced a $688 million HomeBuilder Stimulus package today to assist in kick starting the residential construction industry which has almost ground to a halt. The federal government is offering a $25,000 grant commencing midnight 4 June 2020 until 31 December 2020 to home owners who wish to substantially renovate or construct a new home. This grant applies to all owner-occupiers – not just first home buyers.

To be eligible for the HomeBuilder scheme, you must:

• Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
• Be spending between $150,000 and $750,000 on a renovation for a previous valued home of less than $1.5 million, or
• Be building a new home under $750,000 including land value.
• Earn up to $125,000 if you are single or up to $200,000 if you are a couple.
• Construction of the new home or renovation must be contracted to begin within three months.

This scheme does not apply to companies or trusts, or owner-builders or those who are planning to build a new home, or renovate an existing home as an investment property.

The scheme also excludes sheds, pools, granny flats, outdoor spas & saunas, and any other structures not attached to the home.

This scheme will work along existing state & territory first-home owner grants programs, including the Commonwealth first Home Loan Deposit Scheme for $10,000 assistance available from 1 July, 2020 and the Queensland Governments First Home Owners Grant of $15,000.

You can check the official announcement and information page at the Australian Government Treasury webpage – https://treasury.gov.au/coronavirus/homebuilder

Where you can also download the factsheets.