Homeowners

Homeowners offered FREE slice of $900million pot for home reno

PHOTO: Home builders will be able to access $900 million worth of grants to build a new home or renovate their existing one until March 31, 2021

  • Federal Government extended its HomeBuilder program until March 31, 2021 
  • Home builders can access up to $25,000 in grants until December 31, 2020
  • Government will then drop the grants down to $15,000 from January 1

Renovators will have more time to access thousands of dollars in grants as the federal government extends its HomeBuilder program by three months.

Home builders will be able to access $900million worth of grants to build a new home or renovate their existing one until March 31, 2021.

The government had introduced the program as part of its Economy Recovery Plan in June and intended for it to end on December 31.

It aimed to boost employment in the construction sector and motivate renovators to get a start on their home projects.

The government initially allocated $688million for the program, but has now decided to add an extra $212million.

Renovators will have more time to access thousands of dollars in grants as the federal government has extended its HomeBuilder program by three months

Renovators will have more time to access thousands of dollars in grants as the federal government has extended its HomeBuilder program by three months

 

HomeBuilder grant eligibility

The Federal Government introduced the HomeBuilder program to support workers in the construction sector and motivate home builders to get started on their renovation projects.

To be eligible for a grant, the home builder must be:

1) An Australian resident

2) Eighteen years or older

3) Earning $125,000 a year as an individual or $200,000 a year as a couple.

The home builder must then enter into a building contract between July 4 and March 31 to either:

1) Build a new home worth up to $750,000, or $950,000 in New South Wales and $850,000 in Melbourne

2) Renovate a home with works costing between $150,000 and $750,000 on homes that are worth up to $1.5 million

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