How it will work
- It 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.
- Renovation work will not include structures separate to the main property, such as swimming pools, tennis courts and sheds.
- To be eligible for the grants, homeowners will need to enlist a licensed builder to complete the works.
"This is about targeted taxpayer support for a limited time using existing systems to ensure the money gets used how it should by families looking for that bit of extra help to make significant investments themselves," Mr Morrison said.
The grants are available from today, 4th June 2020, and will run until the end of the year.
Source: Federal Government
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