For some, the idea of being able to utilise the Home Builders Scheme set out by the Federal Government was a very appealing idea. Though with the uncertainty of this unusual year, many of us have not been willing to commit to such a large renovation with very little time to plan. Fortunately, we are now able to take advantage of the grant for an additional 3 months which could very well be the time we needed to plan our projects and prepare.
The Homebuilder scheme currently offers $25,000 to Australians committing to new builds or undertaking significant renovations and was due to expire on New Year’s Eve. The scheme will now be extended to March 31 but at a lower rate of $15,000. Homeowners committing to a substantial renovation will continue to be eligible if their property is worth $1.5 million or less so long as the owner is an individual with an income of $150, 000 or a household income of $200, 000. The price cap for new buildings in NSW has also been increased from $750,000 to $950,000.
The scheme has also extended the commencement window of the program from three months to six, meaning those waiting in line to get projects off the ground won’t miss out on the $25,000. All applicants who go into contract after the 1st of January 2020 will have until March 31st to lodge their application and can have work commence up until the end of June 2021. This extension has given builders additional time to take on more contracts and provide a fair timeline for homeowners to prepare.
The update was welcomed by the property industry’s peak body which hailed the stimulus as the most successful of its kind in two decades. It claimed hundreds of thousands of Australians were able to keep their jobs because of the handout. Labor’s housing spokesman Jason Clare said these changes will help but they are still not enough to stop the housing construction industry shrinking.
At Auscape Exterior Transformations we are very pleased with the extension of this scheme. It will now allow us to accommodate for a few more projects to be done for those wanting to take advantage of the scheme. Performing major renovations can not only improve the quality of your home for living but also the value f the property should you be considering to sell in the near future. To find out more of what we can do to make the most of those scheme and improve your home get in touch today.