The Federal Government will give eligible Australians $25,000 to build or substantially renovate their homes, in an effort to boost demand in the construction sector and keep builders employed after the fallout of the COVID-19 economic crisis. With the Australian Bureau of Statistics (ABS) starting to release statistics that point towards signs of a recession, industry bodies are painting a grim picture of the second half of this year, warning that the economic downturn associated with the COVID-19 pandemic could see the number of building projects in the pipeline plummet, putting hundreds of thousands of people out of work in a “valley of death” scenario.
In an attempt to boost new projects between now and the end of the year, the Government will give $25,000 grants to owner-occupiers for certain works on their homes.
But how can I take advantage of this grant and am I eligible?
The grant is restricted to substantial renovations and the construction of new homes, with recipients required to spend at least $150,000 before being eligible. This means for new constructions you are almost definitely covered. But for those keen to renovate, you might need to commit to more than you originally intended to spruce up the place.
The grants will be means-tested (before tax income) to exclude couples making more than $200,000 per year and individuals making more than $125,000 per year, while a cap of $750,000 will be placed on new builds, this shouldn’t be a problem in Mareeba and surrounds, with the average price of homes around $350,000.
For those eligible for the Queensland Government’s First Home Owners’ Grant, you will be eligible for the $25,000 in addition to the $15,000 first home owners grant, plus stamp duty concessions. Making for a total of $40,000+ to put towards your new home, a hefty boost to most first home buyers deposits.
So, if you’re looking to buy or have any questions at all, feel free to call Joe on 0417700568. You can also view our catalogue of land lots by clicking here or if you’re one of the aforementioned keen renovators you can view our established home catalogue here.