New HomeBuilder Scheme to Boost Residential Construction Industry

The coronavirus pandemic has exacerbated the blow on the housing construction sector.

Prior to the health crisis, the slowdown on home builds has brought homeownership to 60-year lows. The Housing  Industry Association (HIA) has expressed concern for a 50% drop in new home building and put at risk some 500,000 jobs.

Now that’s a bit alarming.

The Federal Government’s announcement of a new scheme to provide $25,000 incentive to qualified Australians for building new homes or making renovations couldn’t have come at a better time. Dubbed the HomeBuilder scheme, this aims to boost the construction sector by increasing home constructions and creating more jobs for Australians.

Amid the Federal Government’s rollout of the HomeBuilder scheme, which offers a $25,000 incentive to eligible Australians for new home construction or renovations, the demand for construction services is poised to surge. Mini diggers, in particular, play a crucial role in various construction projects, from excavation and landscaping to site preparation and trenching. For contractors and builders looking to capitalize on the opportunities presented by the HomeBuilder scheme, securing reliable machinery is essential.

By partnering with reputable rental services that offer competitive pricing for small digger hire, construction firms can maximize their budget and productivity on site. Whether it’s for digging foundations, clearing land, or executing renovation projects under the HomeBuilder scheme, having access to affordable mini diggers allows contractors to optimize their operations and meet project deadlines efficiently. With the construction sector poised for growth, investing in quality equipment rental ensures that builders can seize the opportunities presented by government incentives like the HomeBuilder scheme and contribute to the expansion of Australia’s construction industry.

With Australians incentivized to embark on new home builds or renovations, the focus on innovative and functional design becomes paramount. Homeowners now have the opportunity to reimagine their living spaces, incorporating modern amenities and personalized touches. Amidst this wave of rejuvenation, the option of knock down rebuild Sydney emerges as an enticing prospect for those seeking a fresh start. By demolishing existing structures and starting anew, homeowners can leverage the expertise of builders and designers to create bespoke residences that align seamlessly with their lifestyle needs and aesthetic preferences.

However, amidst the excitement of embarking on new construction projects, one cannot overlook the challenges posed by construction dust. Dust, generated from various activities such as demolition, excavation, and concrete cutting, not only poses health risks to workers but also creates discomfort for residents in neighboring areas. This is where the implementation of a robust Dust Suppression System becomes imperative. Utilizing advanced technologies such as misting cannons, dust extractors, and water sprays, these systems effectively mitigate the spread of dust particles, ensuring a safer and cleaner environment for both workers and nearby residents.

Incorporating a Dust Suppression System into construction practices not only enhances safety and health standards but also demonstrates a commitment to environmental responsibility. Moreover, with stricter regulations concerning dust control in construction sites, investing in a comprehensive Dust Suppression is not only a proactive measure but also a strategic decision to uphold industry standards and community well-being.

This synergy between government incentives and tailored design solutions paves the way for a renaissance in the Australian housing market, empowering individuals to transform their dream homes into tangible realities.

How does one qualify?

Eligibility depends on some criteria:

• Be an Australian citizen aged 18 years and above
• Earn less than $200,000 (couples) and $125,000 (singles)
• Be spending between $150,000 and $750,000 for a renovation that has been valued at less than $1.5 million
• Build a new home that is less than $750,000 (inclusive of the land value)

The tax-free grant is available to all owner-occupiers (and not just first home buyers). It can be used on all types of dwellings: houses, land and house packages, apartments, off the plan, etc.

The grant is also means-tested and only applies for those who fit an income bracket:

• Does not exceed $200,000 per year for couples
• Does not exceed $125,000 per year for singles

This program complements existing state and territory First Home Owner Grant programs, the Commonwealth’s First Home Loan Deposit Scheme, First Home Super Saver Scheme, stamp duty concessions and other grant schemes.

This $25k grant, combined with record low-interest rates, should make it way easier for you to get started on building the home you want.

What does it mean for the residential construction industry?

The HomeBuilder program aims to build 30,000 homes by year-end and ultimately prevent the impending housing shortage in Australia. 

In addition to the 140,000 direct jobs the new scheme aims to support, another 1,000,000 construction-related jobs are estimated to be created— sole-trader builders, property developers, contractors, construction materials manufacturers, engineers, designers and architects as well as small businesses.

How can Preferred Homes help?

One of the eligibility requirements for HomeBuilder applicants is to enlist a licensed or registered residential builder. 

We’re pioneers in new home developments of any dwelling type of your choice. We pride ourselves in providing exceptional customer service and we will be there for you throughout the entire process of building your home. Get in touch with us today on 0408 788 351 to get started.