South Australians wanting to build a new home or undertake a significant renovation will be able to apply for the Federal Government’s $25,000 HomeBuilder grant within weeks, after the SA Government became one of the first states in the nation to sign-up to administer the scheme.
Treasurer Rob Lucas said SA has formally entered into the National Partnership Agreement on HomeBuilder – the second state to do so – which will require SA to implement the scheme here on behalf of the Commonwealth and meet associated administration costs.
So far, there have been more than 4,200 expressions of interest in the scheme in SA via the Revenue SA website.
Under the $680 million scheme, designed to turbo-charge the nation’s critical building and construction sector and support thousands of local jobs, people can apply for a $25,000 grant toward a new home build of up to $750,000 (including land), or significant renovations (valued between $150,000 and $750,000, where the value of the existing property does not exceed $1.5 million).
First new home buyers in South Australia will, therefore, now be eligible for up to $40,000 in grants towards their new home build (including the existing $15,000 State Government incentive) subject to meeting the eligibility criteria for each scheme.
“The Government is pleased to have signed the National Partnership Agreement which will help ensure eligible South Australians can access these stimulus grants as quickly as possible,” said Mr Lucas.
“Notwithstanding some issues raised by some stakeholders, for example what constitutes a commencement and other questions around eligibility criteria, our view is that it’s important to push ahead.
“Our focus is on getting this money out the door as quickly as possible, to further stimulate the housing and construction industry and support thousands of local jobs.”
As part of the implementation process, the State Government will introduce a bill to Parliament next week, to ensure there are appropriate compliance measures and an appeal process for applicants in line with that available for the existing First Home Owner Grant.
Expressions of interest can be made via:
Applications are expected to open within the next three weeks.