By Mark Single on Jun 4, 2020 2:16:15 PM
The Australian Government has today announced a new incentive for owner-occupiers who are planning on building their dream home in the next few months.
The HomeBuilder Scheme is designed to help home buyers, renovators AND the building industry get on their feet with new projects set to increase.
For home buyers, and that includes first home owners, if the value of your property is under $750,000 and you meet other eligibility criteria from the Government, you could receive a $25,000 bonus towards your new home.
For renovations, if your project is valued at between $150,000 and $750,000 – on a home that is valued at less than $1.5 million; you could also be eligible for assistance.
The scheme is expected to support over 140,000 direct jobs and more than a million related jobs in the residential construction sector.
Many businesses in this industry have experienced setbacks as a result of Covid-19.
Around 27,000 people are expected to apply, with eligibility limited to the following:
· Aged 18 years +
· No companies or trusts
· Australian citizen
· Contract signed between June 4 and December 31, 2020
· Construction must start within three months of contract signing
Applicants must not earn more than $125,000 per annum as an individual (2018-19 tax year), and no more than $200,000 per annum for a couple.
If you want to know more or to find out how this could impact your house and land package with Single Builders, get in touch today!
Find out more here HomeBuilder
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