HOW THE FEDERAL GOVERNMENT'S HOMEBUILDER SCHEME WORKS
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* Cash grants of $25,000 will be available for new home builds and major renovations
* Renovations worth between $150,000 and $750,000 are eligible
* Existing properties cannot be worth more than $1.5 million
* New homes can be worth $750,000 including land
* Renovations cannot be for outside additions, ruling out swimming pools, tennis courts, outdoor spas and saunas, sheds or garages
* Singles earing up to $125,000 a year will be eligible while couples must have a combined income of less than $200,000
* Owner-builders and investment properties are ineligible
* Contracts must be signed by December 31
* Construction must start within three months of signing a deal
* Contracts should not be inflated compared to the fair market price
* The measure is predicted to cost $688 million, provided 27,500 people take up the offer
* The program is designed to work alongside existing state and territory first home owner grants and stamp duty concessions.
(Source: Australian government HomeBuilder fact sheet)
Australian Associated Press