Home ownership is looking even more attractive, with the announcement that the South Australian Government is offering $25,000 to those building their first home or undertaking substantial renovations.
On top of the $15,000 First Home Owner grant, the $25,000 means that eligible South Australians can receive up to $40,000 off their first home.
The $25,000 is also on offer for owner-occupiers who are undertaking substantial renovations to their home.
Eligibility will dependent on salary; grants will be on offer for couples who earn up to $200,000, or for singles earning up to $125,000.
South Australia’s Premier, Steven Marshall says that the Federal Government’s HomeBuilder program will help secure thousands of local building and construction jobs, and drive economic activity across the state.
HomeBuilder can come into effect where the contract is signed between 4 June 2020 and 31 December 2020, and the construction must commence within three months of the contract date.
To be eligible to receive the grant for home renovation, you must substantially renovate your existing home, where the renovation contract is between $150,000 and $750,000, and where the value of your existing
property does not exceed $1.5 million.