The Australian Government has released a new $700 million dollar housing stimulus package.
A grant of $25,000 will be available to owner-occupiers “substantially renovating or building a new home from 4 June to 31 December 2020.
A national price cap of $750,000 has been set for new home builds, and a renovation price range of $150,000 to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
Those building a new home must also commence construction within three months of the contract date.
The grants will also be means tested, with the government setting income caps of $125,000 for singles and $200,000 for couples. An applicant’s eligibility will be based on their latest assessable income.
The stimulus is designed to breathe life into the residential property market, which is facing a prolonged downturn off the back of the COVID-19 crisis.
Armada Lending Services are happy to take your call to find out if you meet the specific criteria for the stimulus package.
If you have any further questions, please contact your Armada Advisor.