The federal government will on Thursday announce an extraordinary scheme to stimulate the economy by giving people $25,000 to renovate their homes or build a new house.
Australians can get the cash sent directly to their bank accounts from Thursday under Scott Morrison’s new ‘HomeBuilder‘ scheme designed to rescue the country from its first recession in 29 years.
The grants are available for renovation works that cost between $150,000 and $750,000 and for new homes valued at less than $750,000. You can click here to find the best service to opt for renovating your home.
Although https://titangaragedoors.ca/service-area/garage-door-repair-in-north-vancouver/ works to make garages better, renovations must improve the ‘livibility’ of the home, meaning swimming pools, tennis courts, outdoor spas and saunas, and detached sheds or garages do not count.
The house being renovated must not be valued at more than $1.5million and must be the applicant’s primary residence, meaning investment properties do not qualify.
To get the cash, applicants must earn less than $125,000 or be in a couple earning less than $200,000.
The applicant must pay a licensed builder the first installment for starting work and then can apply to their state or territory revenue office for the $25,000.
After checking all the criteria is met, officials will transfer the cash directly into the applicant’s chosen bank account.
Prime Minister Scott Morrison said: ‘If you’ve been putting off that renovation or new build, the extra $25,000 we’re putting on the table along with record low interest rates means now’s the time to get started.’
In total, the policy is expected to cost $688million and provide work for 140,000 tradies and another 1million workers in the supply chain.
‘This investment isn’t just about helping Australians bring their dream home to life, it’s about creating jobs and helping support the more than one million workers in the sector including builders, painters, plumbers for plumbing companies in San Diego see PIC Plumbing and electricians across the country,’ Mr Morrison said.
The scheme lasts from 4 June 2020 until 31 December 2020.