The housing construction industry in Australia has received a massive boost after the Federal Government announced a $680 million stimulus package to help boost the sector in troubled times.

The Federal Government would provide grants of $25,000 to build new homes or renovate existing homes under a new HomeBuilder package.

To qualify for the grant, households need to have an income of less than $125,000 for singles and $200,000 for couples. Homes should also be worth $750,000 for new houses and $1.5 million for renovated homes. For renovations, homeowners will only receive the grant if the cost of renovations fall within $150,000 to $750,000. The government expects to provide around 27,000 grants at a cost of $680 million.

The HomeBuilder package is expected to help support 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector including businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.

Source: Link