People looking to undertake a major renovation or build a new home could be eligible for a $25,000 grant in the latest round of federal government funding created to stimulate the economy.
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The government has laid out eligibility criteria for the Homebuilder grants which can be applied for from Thursday and will be implemented by state and territory governments.
The scheme is only available to owner-occupiers that earn no more than $125,000 as an individual or $200,000 for a couple.
The $25,000 grants are for new home builds and major renovations worth between $150,000 and $750,000.
New homes can be worth up to $750,000 including land and existing properties cannot be worth more than $1.5 million.
Building contracts must be signed before December 31 and construction must start within three months of the contract date.
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Renovations for swimming pools, tennis courts, outdoor spas and saunas, sheds or garages are ineligible.
The scheme is expected to cost the Commonwealth $688 million if 27,500 take up the offer.
- With AAP
