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[av_heading heading=’Homebuyers grant new scheme’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’6vw’ subheading_active=’subheading_below’ subheading_size=’20’ margin=’0′ margin_sync=’true’ padding=’0′ color=’custom-color-heading’ custom_font=’#000000′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kaxxnh9o’ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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The government is considering a fourth stimulus package that would provide support to about 400,000 tradies across the country who face losing their jobs as a result of the covid-19.

Treasurer Josh Frydenberg is preparing to unveil a mammoth new homebuyers scheme that will be available for all Australians – not just first-time buyers, as has traditionally been the case with such grants.

According to Sky News political editor Andrew Clennell, the government looks to prevent a 30 to 50 per cent drop in residential construction. The government fears a collapse in residential construction activity will damage housing supply and put pressure on affordability in the mid- to long-term.

Apart from that, some state governments including New South Wales are also looking at stamp duty reductions, a move that could slash the cost of buying a home and even downsizing for retirees.

Stressing the focus was on new home builds, the Prime Minister did not rule out cash grants for some renovations but the details of which projects will qualify is not yet finalised.

The scheme is designed to expand the existing first home buyers schemes encouraging new home builds to families that have previously purchased a home and want to upgrade.

Review of The First Home Owner Grant (FHOG) scheme

Amount Basic eligibility criteria
ACT $7,000 buying or building a new home; and total value of the property (home plus land) must be $750,000 or less
NSW $10,000 buying or building first new home which can’t be worth more than $750,000
NT $10,000 buying or building a new home in the territory
QLD $15,000 buying or building new house, unit or townhouse (valued at less than $750,000)
SA $15,000 buying or building new homes
TAS $20,000 buying or building new homes
VIC $10,000 buying or building a new home including a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as residential premises and the home must be less than five years old.
WA $10,000 buying or building new homes

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Source: news.com.au
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

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