Australian govt's new scheme to provide $25,000 to build or renovate houses

Australian government anunced on June 4 that it would provide eligible citizens with a grant of $25,000 to t only build a new home but also to revate an existing. new ‘Home Builder’ programme by Australian Prime Minister Scott Morrison government would provide a boost to nearly one million workers in country and will reportedly cost at least $688 million. Moreover, new move is t limited to only first home buyers.

Australian Treasurer Josh Frydenberg has ted that housing sector is “critical” to Australian ecomy and Home Builder program would provide new jobs in construction that would, in turn, grow nation’s ecomy. new policy would be functional from June 4 to December 31 this year and applicants would be subject eligibility criteria that include separate income caps for both singles and couples. re is also a national dwelling cap of $750,000 that is applicable for new home builds and a cost of  $150,000 up to $750,000 will apply to revate a house with current value of over $1.5 million.

statement said, “ program is expected to provide around 27,000 grants at a total cost of around $680 million. This increase in residential construction will help to fill gap in construction activity expected in second half of 2020 due to coronavirus pandemic.”

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Program to provide 140,000 direct jobs 

Australian government will provide at least 140,000 direct jobs and 1,000,000 related jobs through Home Builder program in housing sector. new move by Morrison’s ministration would complement alrey existing state and territory First Home Owner Grant programs stamp duty concessions among or grant schemes along with Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

“HomeBuilder will help to support 140,000 direct jobs and ar 1,000,000 related jobs in residential construction sector including businesses and sole-trer builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.”, statement re.

“HomeBuilder will create even more opportunities for first home buyers to enter property market, as well as support or eligible Australians to build a new home or revate an existing home,” it ded.

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Im Source: AP