The Australian government has just launched their new HomeBuilder scheme offering $25,000 grants for home improvements.
The $688million federal program announced on Thursday provides subsidies for homeowners with a property worth up to $1.5million if they spend $150,000 to $750,000 improving their property.
The scheme is expected to inject $15billion into the economy and help pull the construction industry out of the coronavirus pandemic.
Income caps will apply, of $125,000 for singles and $200,000 for couples, and both first and subsequent home buyers are eligible.
The project home builders will probably be the winners because of the value thresholds and the earning thresholds on the scheme.
To cash in on the project, a contract must be signed by the end of the year.
The scheme’s financial threshold also means those without big savings accounts will struggle to benefit. But that doesn’t mean it’s only for the wealthy - the home’s total value post-renovation cannot exceed $1.5m.
For more information about this scheme and to find out if you’re eligible, visit:
Do you know what this means?
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