The Housing Industry Association estimates the Federal Government grant to new home builders and renovators could generate $15 billion in national economic activity. Reports suggest land buyers are highly active, seeking home sites to take advantage of the new offer. Home-owners wanting to build a new home or undertake a major renovation may be entitled to a grant of up to $25,000 under the Government’s stimulus package for the construction industry.
The HomeBuilder program will be restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000. Singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 will be eligible to apply. The pre-renovation value of the house must not exceed $1.5 million and excludes sheds, pools, granny flats and any other structures attached to the home. The temporary scheme, which will last until the end of the year, aims to build 30,000 homes by Christmas.