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Australian Government to Hand out $25k Grants for New Houses and Renovations

In the wake of the post-COVID-19 economic downturn, the Australian Federal Government will be offering eligible Australians a $25,000 grant to build or renovate their homes in a bid to stimulate the economy.

The March quarter national accounts are indicating that Australia could be entering a recession for the first time in three decades. Of the last three financial crises that have hit Australia since the 1970s, real estate has been a significant contributor to the nation’s economy according to a 2018 study by the AEC group.

It could be possible that the Morrison government has taken heed to these statistics and made moves early to get ahead of the curve and ease a predicted downturn in construction demand as industries and markets find stability after the pandemic unhinged the national and global economy.

Who is eligible?

As generous as this stimulus grant seems, it is not on the cards for everyone. To be eligible for the grant singles must be earning a minimum of $125,00 per annum or less based on their 2018-19 tax return or later. Couples need to make under $200,000 collectively, and building contracts need to be executed between June 4th and December 31st 2020.

Interested parties intending to build a principal place of residence must intend on spending up to $750,000 including land or plan to renovate an existing property with an upgrade valued at between $150,000 and $750,000.

Existing properties need to be worth less than $1.5 million before renovations start, and work must begin within three months of the contract date. 

Still confused?

As can often occur, what sounds like a reasonably straightforward housing grant, is fraught with red tape and fine print. The expert team at Securalife are here to take out some of the confusion. 

We specialise in property investment, financial and retirement planning, and are passionate about helping people just like you take advantage of this historic opportunity. 

If you have been putting off building a new home or renovating an existing one, and think you may be eligible to access this grant, contact us today to see how we can help navigate these unprecedented economic times.

By Securalife | Tuesday, 30th June 2020