The Government has announced the new HomeBuilder program to help increase economic activity across the construction sector and get more Australians into their new home faster.
Under the grant, individuals can receive a grant of $25,000 to build or renovate their home.
Here are the facts we know so far:
Building contract: must be signed between 4 June and 31 Dec 2020, with construction commencing within three months of signing
Eligibility: Australian citizens aged 18 years or older
Income: equal to or less than $125,000 for individuals, or $200,000 for couples
New build cost: less than $750,000
Renovation cost: between $150,000 and $750,000
Property type: owner-occupied, max $1.5million value. Must be used for the principal place of residence and not, for example, for sheds, pools, or granny flats.
The program will be available via State or Territory Governments. Individuals will be able to apply for HomeBuilder when your relevant state signs the National Partnership Agreement in due course.
For more information and frequently asked question, you may visit the Treasury website.