The Morrison Government is supporting jobs in the residential construction sector on the Sunshine Coast with the introduction of the new HomeBuilder program.
From today until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. Construction must be contracted to commence within three months of the contract date.
Federal Member for Fisher Andrew Wallace said that the scheme would be a vital lifeline for one of the Sunshine Coast’s most important industry sectors.
“Construction is critical to the Sunshine Coast, adding more than $6 billion to our local economy and employing around 20,000 locals. Thousands of these jobs have been put at risk by the COVID crisis, with the construction of new homes set to halve across the country. The Government’s HomeBuilder scheme is going to help save jobs and livelihoods on the Sunshine Coast and provide a great leg up for locals who are looking to buy their own home or substantially improve their existing home.” Mr Wallace said.
HomeBuilder applicants will be subject to eligibility criteria, including income caps of $125,000 for singles and $200,000 for couples based on their latest assessable income. A national dwelling price cap of $750,000 will apply for new home builds, and a renovation price range of $150,000 up to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
“If you have been saving toward renovating your home, or building a new home to live in, now is the time to get the project started. If you are eligible, between today and the end of the year the Morrison Government will pay for $25,000 of the cost, so this is a unique opportunity. Plus, your action now will help to keep locals in work and the Sunshine Coast economy strong for all of us at this difficult time.” he said.
The program is expected to provide around 27,000 grants nationwide at a total cost of around $680 million.
This increase in residential construction will help to fill the gap in construction activity expected in the second half of 2020 due to the coronavirus pandemic.
In doing so, HomeBuilder will help to support the 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector across Australia including businesses and sole-trader builders, sub-contractors, property developers, construction materials suppliers and manufacturers, engineers, designers, architects and related retailers.
HomeBuilder complements existing state and territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
This year, the Morrison Government delivered the First Home Loan Deposit Scheme to help eligible first home buyers to purchase their first home with a deposit of as little as 5 per cent, allowing them to get into the market sooner. HomeBuilder will create even more opportunities for first home buyers to enter the property market, as well as support other eligible Australians to build a new home or renovate an existing home.
The HomeBuilder program will be implemented via a National Partnership Agreement, signed by the Commonwealth and state and territory governments.
More information on HomeBuilder, including eligibility, can be found at https://treasury.gov.au/coronavirus/homebuilder.