Homebuilder grant melbourne are reporting a dramatic spike in land sales as buyers rush to cash in on the federal government’s new HomeBuilder grant. The $25,000 scheme is available to homeowners who sign a new building contract before the end of the year for a $750,000 house and land or less and meet certain income criteria. It has been described as a lifeline for an industry that has been in turmoil during the COVID-19 pandemic. It has also been a boon for tradies who have jumped on the opportunity to keep projects running during lockdowns and protect their wages.
Maximizing Your HomeBuilder Grant in Melbourne: Steps to Secure Your New Home
Designed to keep the construction sector alive during what has been a tough few weeks, the HomeBuilder program is available to both existing and first time homeowners who wish to build or substantially renovate their property from Thursday 4 June until 31 December. The $680 million program has been praised for supporting the Australian economy while protecting jobs in the construction industry.
The eligibility criteria for the HomeBuilder grant is that the applicant must be an Australian citizen, be over 18 years old and must not exceed a cap of $125,000 per year (for individuals) or $200,000 per year (for couples). This cap is based on the taxable income from the 2018-2019 or 2019-2020 notices of assessment. The applicant must own the property and be registered on the title as the owner and have commenced construction (for new builds) or renovation works at the property.