Government unveils $668m plan for Australians looking to build or renovate houses

The $688 million HomeBuilder package is available to owner-occupiers who sign a contract to start building or substantially renovating their property after June 4.

It’s open to people earning less than $125,000 a year, or $200,000 per couple, and for new homes valued up to $750,000 including land, or renovations worth between $150,000 and $750,000 that will result in the property being worth under $1.5 million.

Australians looking to build or renovate in the second half of the year will be able to get $25,000 from the federal government as part of the HomeBuilder scheme. (Fairfax Media)

The money can’t be used on investment properties or to build things outside the house like swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.

The government anticipates the package will support 140,000 direct construction jobs and a million workers in the wider residential building sector, including architects, material supplies and manufacturers, and engineers.

It will be made available through state governments.

The $688 million package is available to owner-occupiers who sign a contract to start building or substantially renovating their property after June 4. (AAP)

The sector has been warning it faced massive job losses once projects already under way tailed off, with people expected to cancel or delay new home builds amid the economic downturn.

Prime Minister Scott Morrison said the package would deliver a “tradie-led recovery”.

“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,” he said.

Source by [author_name]

Latest

Residents ordered to evacuate from dozens of suburbs across western Sydney

Residents from dozens of areas across western Sydney have been ordered to leave today as three major rivers burst their banks in another "life...

Maria stuns Ostapenko, British hope Watson crashes out

Elsewhere, up-and-coming Niemeier knocked Watson out 6-2, 6-4 on Sunday and later apologised for disappointing the crowd by beating a home favourite.Niemeier, 22, used...

School holiday Bali flight cancelled just hours before take-off

The Summers family should be watching a Kuta Beach sunset tonight.Instead, they're unpacking.Their school-holiday escape to Bali was cancelled just hours before take-off.With flights...