Cunic Homes, Built for you
Call us today on 6231 8181
HomeBuilder Scheme

State Government’s Stimulus Package

The coronavirus pandemic has impacted the world in a way we could never anticipate. Businesses and individuals have taken a financial hit, and there’s still a lot of uncertainty over what the future holds for many. The building industry, in particular, has suffered as a result of COVID-19 and the various restrictions that have meant a change in working conditions.

In response to the coronavirus pandemic, the Australian Federal Government has announced a HomeBuilder grant, providing eligible homeowners with up to $25,000 to either build a new home, or renovate an existing one. HomeBuilder will help rejuvenate the construction industry by allowing new work to be commissioned.
Available to each State or Territory Government when they sign the National Partnership Agreement with the Commonwealth Government, the Tasmanian Government has already announced its plans. In addition to the $25,000 available from the Australian Federal Government, the Tasmanian Government will also provide first homeowners a grant of $20,000 towards buying a house.

As the economy begins to recover from the coronavirus pandemic, this financial assistance could help Australia’s construction market get back on its feet.

What help is available?

There are major concerns around the construction industry and what will happen over the next year. With the number of construction projects looking set to decrease, the Australian Government is hoping to inject funding into the industry to aid businesses and keep citizens in jobs, while also benefiting homeowners. Some of the help available includes:

HomeBuilder

The HomeBuilder grant is offering property owner-occupiers, including first-time homeowners, up to $25,000 to use to either build a new property or renovate an existing one. Those who are eligible will need to spend at least $150,000 of their own money to be able to take part in the scheme.

To be eligible, applicants will need to meet certain criteria, including:

  • Couples must be earning less than $200,000 combined, or $125,000 as an individual. 

  • New builds will have a cap of $750,000. Renovations can cost between $150,000 and $750,000, but the house must be valued at less than $1.5 million.

  • The scheme will not be open to investment properties, nor to those planning to carry out renovations without the help of builders.

  • Meanwhile, builders will have needed to be licensed or registered before the opening of the scheme - eliminating ‘cowboy’ builders who could take advantage.

First Home Builders Grant

Meanwhile, the Tasmanian Government has announced its own grant to first-time property owners, providing up to $20,000 for any owner-occupier to build a house. The scheme will be open for six months, with eligible applicants needing to begin work within three months, with up to two years to complete construction. 

What about the Tasmanian HomeShare Scheme?

In addition to these new grants, the Tasmanian HomeShare Scheme is still in operation. The scheme allows low and moderate income Tasmanians to buy their own home, reducing the cost of borrowing by as much as $55,000. Available through Tassie Home Loans, eligible applicants can buy a property, with the Director of Housing having a 30% stake in the property, which must be paid out within 30 years. It’s an ideal scheme for those who can afford their own home but need help covering the initial cost of buying.

It’s a precarious time for both the construction industry, but these new incentives can help provide peace of mind, and get things moving in a positive direction. For those looking to build a new home, there is an incredible opportunity here to receive a funding boost while also supporting the industry. 

Building Your Dream Home With Cunic Homes

If you’re interested in taking advantage of the HomeBuilder grant and other funding for building a home in Tasmania, Cunic Homes can help. We’ve been building homes in South Tasmania for more than 40 years, providing high-quality construction for a home that’s ‘built for you’. We specialise in properties ranging from small to large homes, helping you get your dream home.

The coronavirus pandemic has been a stressful and difficult period for many, but with things looking like they’re beginning to ease, especially in Tasmania, it’s important to look to the future. Help the economy get back on its feet with funding available to help you build your new home.
Find out more about what we do and how we can help you build your new home.

Resources:

Cunic Homes, Built for you
Our Office
209 Elizabeth Street
Hobart TAS 7000
LINKS
Protected by reCAPTCHA.
PrivacyTerms
Website by FWRD Digital
© Cunic Homes 2021
cross