In their most recent attempt to boost the economy the Government have announced a new housing stimulus package aimed at rekindling property market activity.
“Australians will be offered $25,000 grants to build a new home or start a major renovation under near-$700 million federal government housing package in a bid to boost the economy and act as a lifeline to the home construction industry” Domain.com.au.
As with all government schemes there are a number of conditions and restrictions. There are already warnings that there may be flaws with the the renovations component and some believe that the short term nature of the scheme won’t be enough to give the construction industry the much needed boost. So if you are thinking about taking advantage of this scheme, don’t wait too long!
The key qualifications include:
This scheme will work hand-in-hand with current state and territory first-home owner grants, stamp duty concessions and other schemes – this includes the federal government’s first-home loan deposit scheme and first-home super saver scheme.
“There is a real hole in the housing sector as a result of the coronavirus,” Treasurer Josh Frydenberg told ABC News Breakfast. “It’s a critically important sector to the economy overall; it contributes more than $100 billion to GDP.
“It is also employing hundreds of thousands of people as well, including sparkies and plumbers and carpenters, people we want to put back to work, to put them off the income supports that they have been getting through the crisis.”
This temporary scheme will last until the end of 2020, with the aim to build 30,000 homes before Christmas. To find out if you qualify or for more information about financial solutions to make your home building or renovation dreams a reality CONTACT US today!