HomeBuilder Grants to Benefit Local Economy
The Federal Government’s introduction of the new $25,000 HomeBuilder grant for residential construction will be a boon for the City of Melton’s biggest industry – the construction sector.
The Construction industry makes the greatest contribution to economic output in the City of Melton economy, which at $1.7 Billion per annum accounts for 22.6% of total annual output. This industry sector is also the largest employer within the City of Melton providing 3,855 jobs, which represents 14.75% of total employment.
Over the four years between the last two census (2011 and 2016), the amount of jobs in the Construction sector rose a staggering 32.11%.
The City of Melton is one of the fastest growing areas in Australia with an around 3000 new homes expected to be built over the next 12 months. That represents a large pool of potential grant recipients. As a municipality with many “dig ready” vacant housing lots and both median income and home construction value comfortably within the parameters of the HomeBuilder program criteria, our residents are better placed than most in the nation to take advantage of this scheme.
The additional benefit for our local economy is that our local construction business can leverage the investment by retaining or growing local jobs
To access the grant, applicants will need to have their funding and approved plans in place by the end of December 2020
HomeBuilder Key Eligibility Criteria
HomeBuilder applicants will be subject to eligibility criteria, including income caps of $125,000 for singles and $200,000 for couples based on their latest assessable income.
A dwelling price cap of $750,000 will apply for new home builds, and a renovation price range of $150,000 up to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
Construction must be contracted to commence within three months of the contract date.
The deadline for applications is 31 December 2020.
Info-graphic from 9 news website which explains the ins and outs of HomeBuilder
For more information on the HomeBuilder grant visit The Treasury website.
Peter Forbes
Business & Industry Officer