Government to hand out $25k grants for housing construction, renovations to bolster industry
The Federal Government will give eligible Australians $25,000 to build or substantially renovate their homes, in an effort to boost demand in the construction sector and keep builders employed.
* The scheme will give $25,000 grants to eligible homeowners, but recipients will need to spend at least $150,000 of their own money
* The Government hopes it will ease a predicted downturn in construction demand
* Labor and the Greens have called for the Government to invest more in social housing
Industry bodies are painting a grim picture of the second half of this year, warning that the economic downturn associated with the COVID-19 pandemic could see the number of building projects in the pipeline plummet, putting hundreds of thousands of people out of work in a "valley of death" scenario.
In an attempt to boost new projects between now and the end of the year, the Government will give $25,000 grants to owner-occupiers for certain works on their homes.
But eligibility for the Government's program, which it has dubbed "HomeBuilder", will be restricted to substantial renovations and the construction of new homes, with recipients required to spend at least $150,000 before being eligible.
The grants will be means-tested to exclude couples making more than $200,000 per year and individuals making more than $125,000 per year, while limits will also be placed on the value of the property the grants go towards.
New builds will be capped at $750,000, while renovations can cost anywhere between $150,000 and $750,000, but will only be subsidised if the house being altered is valued at less than $1.5 million.
The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders.
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WOW, I wish I was an Australian. $25,000 to build or substantially renovate their homes? That is indeed something unbelievable.
I moved to the USA eight years ago, and I still can't afford to buy a house.
We rent a flat, and the average annual cost of renting is about $13000.
For me, it is a considerable amount, but we couldn't find a better option.
Generally, talking, flat, or house renting is the most oversized budget item for the average American.
If you also rent a house or a flat, let me recommend something to you.
There is an article I read and found beneficial. It is about how much of your budget should go toward rent and the steps you need to take to answer the question:how much rent can I afford?