Thousands will receive the much-needed money from midnight tonight – so is your family is eligible?
Some Aussie families could be receiving an extra $25,000 cash grant to help cover the cost of new homes and renovations from midnight tonight.
But the new HomeBuilder scheme might not be available for everyone. News.com.au has revealed strict guidelines for who will be able to receive the cash.
Homeowners must be spending $150,000 or more on a renovation – with swimming pool and tennis court projects not included in the scheme.
For new home builds, the value of the property must be $750,000 or less and if you’re renovating an existing property it must be valued at less than $1.5 million.
Applicants must also meet the following two income caps to qualify for HomeBuilder:
Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
Couples must have a combined income of less than $200,000 based on their tax returns.
“Now’s the time to do it”
Investors, millionaires and owner builders will be banned from claiming the cash – as the scheme is designed to help low and middle income earners.
The cash will be available on any contracts entered into between June 4 and December 31.
“If you’ve been putting off that renovation or new build, the extra $25,000 we’re putting on the table along with record low interest rates means now’s the time to do it,’’ the Prime Minister said.
“This investment isn’t just about helping Australians bring their dream home to life, it’s about creating jobs and helping support the more than one million workers in the sector including builders, painters, plumbers and electricians across the country.”
Treasurer Josh Frydenberg predicted the scheme would support 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector.
“However with dwelling investment expected to decline by around 20 per cent through the June Quarter, the HomeBuilder program will support residential construction activity and jobs across the industry at a time when the economy and the sector needs it most,” he said.