Thanks to the federal government, Aussies will now be offered a $25,000 grant to build a new home or undertake renovations.
This exciting news has been developed to stimulate the construction and property industries in the wake of COVID-19. With the effects of the virus being more contained in Australia, in particular, Western Australia, this could very well be the door that opens up your home buying dreams.
The $688 million HomeBuilder stimulus package has been unveiled as the country dipped into a recessionary period for the first time in three decades. Aimed at those who fall into the middle-income bracket and limited to new builds or major renovations valued between $150,000 to $750,000.
The pre-renovation value of the property must not exceed $1.5 million and must also exclude structures that are not attached to the house itself. These can include pools, sheds, and granny flats.
The scheme also outlined that the commencement of the build or renovation must be contracted to begin within three months to prevent house values rising.
For those looking to take up the opportunity, it is available for singles who earnt up to $125,000 in the previous financial year, and couples who had a combined income of up to $200,000.
Capita Finance General Manager Gill McLean said “this is a very exciting opportunity, and is immensely welcomed by the finance, and construction industries alike. The scheme is available alongside the existing schemes and grants already available. An expanded offer to our clients will not only see more people realise there dream of home ownership , it will also allow various sectors including the finance sector to be an important part of the value chain that helps get the country back on track.
Working with a finance professional to realise your property and finance goals will allow you to get there faster and feel more secure in your decisions. There is no need to go it alone, speak with our team today so we can get you those keys.