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Sam2019

Sam2019

Real Estate Enthusiast, Sydney

HomeBuilder is a time-limited grant program designed to help Australia’s residential construction market bounce back from the coronavirus crisis

1Mo ago 0 Replies 40 Views
The government has unveiled the HomeBuilder scheme, which will see eligible owner-occupiers who are either building or undertaking a substantial renovation given $25,000 for doing so.
In an information package revealed overnight, the Treasury said HomeBuilder is a time-limited grant program designed to help Australia’s residential construction market bounce back from the coronavirus crisis.
HomeBuilder will provide eligible owner-occupiers, inclusive of first home buyers, a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020.
Construction works on the home must commence within three months of the contract being signed.

“The ‘boost’ to the first home owner grant, which was a temporary, additional [$7,000]-14,000 grant in the wake of the global financial crisis, showed a similar outcome,” Ms Owen said.
Similarly for home owners, and first home buyers in particular, those looking to commit to a property purchase within the next six months would already have been saving a deposit and are primed to buy.
However, where this policy may create additional construction lies in the fact that it is pivoting decision-making from established property to new housing, likely to be skewed towards house and land projects. This is opposed to the first home owner boost (FHOB) in 2008.
“Even though the grant provided additional incentive for newly built property, 85 per cent of those temporary grants were awarded for established purchases,” Ms Owen said.

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