Tradies are set to receive a massive boost after the Federal Government announced a grant designed to support the industry, homeowners and stimulate the economy after the Treasurer announced yesterday that we are officially in a recession.
The $688 million dollar HomeBuilder grant will provide eligible owner-occupiers with a contribution of $25,000 to build a new home or substantially renovate an existing home.
“Today’s announcement will go a long way to providing smaller businesses and homeowners with the confidence required to stabilise our economy and bolster the housing market.” Said Daniel Palumbo, Chief Operations Officer at Reece Group.
In a formal announcement by Scott Morrison this morning, the Government predicts the HomeBuilder grant will generate thousands of jobs and support 140,000 builders, painters, plumbers and electricians across the country. It will support more than a million workers in the wider construction industry including suppliers, manufacturers, architects and engineers.
What works qualify for the grant?
A substantial renovation to someone’s existing home as a principal place of residence valued at between $150,000 and $750,000, with the dwelling not valued at more than $1.5 million.
A new home build as a principal place of residence valued up to $750,000.
What are the key conditions that must be met for a project to be eligible?
Building contracts must be entered into between 4 July 2020 and 31 December 2020.
Construction of a new home or substantial renovation must be contracted to commence within three months of the contract date.
How will it work?
Owner-builders and those seeking to build a new home or renovate an existing home as an investment property are ineligible for HomeBuilder.
Funding will go directly to individuals, not the contractors and will be administered by State Governments.
