The HomeBuilder Grant and Residential Steel Construction
The Federal Government recently announced the HomeBuilder grant as an additional support measure for the economic stimulus package. HomeBuilder offers $25,000 to eligible applicants who commit to building or renovating their homes this year. Anyone who signs a building contract between 4 June and 31 December 2020 will be able to apply for HomeBuilder.
Construction Led Economic Recovery
HomeBuilder comes as a key instalment in the Government’s plan for a tradie-led recovery of the economy. The impact of COVID-19 has seen a drop in planned builds from a forecast of 171,000 to 111,000. The idea is that the $25,000 incentive will push many who’ve been on the fence into committing to a new build or renovation and help get the industry going again.
HomeBuilder Grant Eligibility and Dates
In order to apply, people must pass an income test. Individuals are only eligible for the scheme if they are earning under $125,000 pa and couples are only eligible if earning under a combined $200,000 pa. Besides this, other criteria also apply for the grant:
- For new home builds valued up to $750,000.
- For renovations valued up to $150,000, only for properties under $1.5 million.
- Unavailable for investment properties.
For anyone who has been considering a new build or renovation, the HomeBuilder grant might just be the selling point.
More details on the HomeBuilder grant can be found here.
Steel in Homes
The additional funding may be an influence on people’s construction and material choices. As a residential building material, steel’s use has been increasing – and for good reason too. As a structural choice, steel has the advantage of durability and sustainability over traditional wooden frames. Recycled steel is coming to play a more important role in building decisions too. When compared with milling trees for timber, recycled steel can be produced with just a third of the energy needed for brand new fabrication. With 85% of steel materials being recycled, this is certainly a conscientious move.
Exposed steel is another use in which popularity has surged for. Although outside additions to the home (pools, tennis courts, sheds, etc.) are not eligible for the grant, an awarded $25,000 for a renovation might free up other money for any of those purposes.
If you’ve been thinking of renovating or completing a new house, take the time to assess your eligibility for the HomeBuilder grant. If you have any questions about the residential use of steel, reach out to the team at Steel Supplies Charters Towers.