If you’re planning on building or renovating it’s officially time to stop sitting in your hands. Act now to be first on the list to get your plans approved.
New Home Stimulus Package
The Coalitions expenditure review committee is finalising its construction package where homeowners will be offered grants of around $25,000 to build new home under a new stimulus plan.
It’s designed to protect tradies’ jobs in the wake of the coronavirus pandemic. Renovators will not just be required to match the cash grants but spend more, ensuring the projects are “substantial”.
First Homebuyers Scheme
The Prime Minister is keen to use existing first homebuyer schemes already established in each state to deliver the grants.
That means the same limits on the value of the family homes that are eligible for the scheme are likely to apply which will prohibit wealthy buyers using the grants to purchase million-dollar homes.
In most states, that’s a home worth less than $750,000.