Residential Homebuilder construction stimulus package explained.
The Australian government is spending $688 billion to fund grants worth $25,000 for eligible singles and couples planning to build or renovate homes with work taking place between 4 June and 31 December.
The program is intended to stimulate work in the construction sector.
The scheme is means-tested. To be eligible for the grants, singles need to earn $125,000 a year or less based on a 2018-19 tax return or later, and couples need to earn under $200,000.
The upgrade or building works must be valued at between $150,000 and $750,000. It excludes sheds, granny flats, swimming pools and structures not already attached the property.
The grants do not apply to investment properties and must be principal places of residence worth less than $1.5m before the renovation. Construction must be contracted to commence within three months of the contract date, with work carried out by licensed contractors.
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