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:
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.
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.
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.