HomeBuilder stimulus Basics

The federal government’s HomeBuilder stimulus, announced this month, has received a mixed response from commentators. The scheme grants $25,000 for new home builds and renovations where:

• The recipient is an owner-occupier

• The recipient earns no more than $125,000 per annum as a single applicant or $200,000 for a couple

• The contract is signed between June 4 and December 31 2020

• Construction commences within 3 months of the contract date

• For renovations, the existing property value must be no more than $1.5 million, and the renovation must be worth between $150,000 and $750,000. For new builds, the house and land value must not exceed $750,000.

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