You may have already heard over the last week that the Federal Government announced a significant HomeBuilder stimulus package to help turbo-charge the nation's critical building and construction industry. 

This is great news to assist new home buyers in South Australia.

This incentive will also importantly support thousands of local jobs and is said to lead to about 2000 new home commencements in South Australia.

What does this mean:

On top of the $15,000 existing First Home Owner grant, an additional $25,000 means that eligible South Australians can receive up to $40,000 off their first home.   The $25,000 is also an offer for owner-occupiers who are undertaking substantial renovations to their home.

Eligibility

Eligibility will be dependent on salary; grants will be on offer for couples who earn up to $200,000, or for singles earning up to $125,000.

Time Frame

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.

For more information on HomeBuilder, and to find out if you’re eligible, head to www.treasury.gov.au