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Have you been thinking about building a new house or renovating your existing home? If so, you will be pleased to hear that you may be in line for some government assistance.
With the dust yet to settle on the long-term financial outcomes from the coronavirus pandemic, it’s clear that the Australian economy will require ongoing assistance. This will include some stimulus measures not seen before.
We have already seen some examples in place, like the job keeper subsidy and small business benefits on the tax front (both state and federal). However, now we are starting to see handouts that will underpin certain areas of the economy, like tourism and construction.
Recent noise coming from Canberra is that rebates for new homebuyers and even some renovations will be a part of a new stimulus package, aimed at propping up the construction industry post-COVID-19. Discussing things at a high level, Scott Morrison confirmed the current structures in place at a state level, like the first homebuyer schemes, could be the right vehicles to deliver these funds.
So, what should you do?
- Be clear about what your goals are – getting $25,000 from the government sounds excellent – but if you have to borrow $100,000 to make it happen, it needs to be congruent with your financial plan
- Do your research and be aware of what you are eligible for
- Do a ‘new world’, post COVID budget. Our lives are changing and you have to