The grant announced this week (tagged the HomeBuilder Scheme) puts $25k on the table for owner-occupiers to build a new home or do a substantial renovation of an existing property.
It is great news for the economy as a whole as it shows signs that the Government simply will not allow the Australian housing market to crash (like so many dooms dayers are suggesting).
Here is a quick upshoot of the scheme:-
The catch for most Australians is:
- Investors don’t qualify.
- Households must earn less than $200k.
- Apartments don’t qualify.
The silver lining for Australians is:
- It ends the uncertainty of the last two weeks, so investors will continue moving ahead with prior plans.
- It will to some extent support home prices in new land estates.
Channel 9 put together this great explanatory image to help Australian’s understand the scheme:
Source: Channel 9