First new home buyers in South Australia will now be eligible for $40,000 in grants towards their new home build, as the Federal Government’s significant HomeBuilder stimulus package boosts by $25,000 the existing $15,000 State Government incentive.
The Marshall Liberal Government has welcomed the $680 million scheme, which will help turbo-charge the nation’s critical building and construction sector and support thousands of local jobs – from carpenters, plumbers and bricklayers to electricians, architects and other suppliers.
The Federal Government estimates that the initiative will lead to about 2000 commencements in SA.
Treasurer Rob Lucas said the State Government was finalising a package of new measures – in addition to the $1 billion in economic stimulus it has already committed – which will further stimulate the state’s housing and construction sector.
“This is a huge shot in the arm for the local construction industry and the tens of thousands of tradies it employs in South Australia, as we recover from the greatest economic challenge of our time,” said Mr Lucas.
“We have been working closely with the Federal Government and we welcome their significant investment in local jobs through the HomeBuilder program.
“Our $1 billion worth of stimulus complements Federal COVID-19 recovery initiatives and this program will unlock significant ongoing economic activity in our state.
“It will also mean first new home buyers in SA will be provided with $40,000 towards their new home, taking into account the $25,000 grant from the Federal Government in addition to the existing $15,000 State Government offering.
“We won’t be adding to the grants or abolishing stamp duty, however in the next week or so, we will announce a package of further measures to help stimulate the housing and construction industry.”
The HomeBuilder scheme will run until December 31, this year.