The HomeBuilder Grant
In late June of 2020, the Morrison Government...
introduced a new set of measures attempting to further support jobs and families in the residential construction sector, coming off the back of the First Home Loan Deposit Scheme which lowered the amount required for new home buyers to deposit before landing a property. The new HomeBuilder grant was intended to inject some life into an industry in stasis, where builds are not only down because of the COVID-19 pandemic, but also because of soaring prices and lack of availability of land in and around capital cities.
According to the Housing Industry Association (HIA)'s website:
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home. A new home is one that has not previously been sold or occupied as a place of residence (e.g. a spec build) and where construction commenced on or after 4 June 2020.
With the Australian Government's extension of HomeBuilder to 31 March 2021, a $15,000 grant is now available for eligible contracts entered into between 1 January 2021 and 31 March 2021 (inclusive). A $25,000 grant is available for eligible contracts entered into between 4 June 2020 and 31 December 2020 (inclusive).
While the scheme has not yet been fully rolled out, and with the eligibility period ending on the 31st of March, 2021, this grant still provides an excellent opportunity for small-to-medium builders, and for those looking to undertake a demolition project. The best part is that demolitions have been categorised as “substantial renovations” (as long as a subsequent build is to follow) and hence these projects are eligible to receive the grant. Of course while renovators are by no means expected to include a demolition in their projects, it still provides a good opportunity for those wanting to rebuild.
The Government expects around 27,000 homeowners or builders to access the scheme (ABC, 2020) across Australia, as long as these people meet eligibility requirements regarding income, assets, and as long as you spend between $150,000 and $750,000 of your own money (without the grant).
$150,000 seems like a lot, doesn’t it? While the grant has definitely been criticised for having a high entry-point, we at Build Flow see this as an opening, not a hindrance. Why do we say this? Consider this.
Canstar estimates that demolitions can cost anywhere between $10,000 and $80,000, with an average across the nation of around $15,000 - all inclusive of course. Between hiring the necessary labourers, getting permits approved, sorting out the necessary tools, it can come to a pretty costly figure, and something that could blow out your budget without careful management and execution.
If you’re aiming for a lower amount for your renovation, the demolition alone could end up chewing through a lot of your allocated funds. However, Build Flow can help you to drastically reduce these costs, meaning that you have more time and money to funnel into the other parts of the build. Simply put a request through our portal and we can figure out what type of savings you could potentially be receiving!
How can we achieve these savings while also simultaneously getting your project executed efficiently, safely, and sustainably? Through the power of our automation system, and the tech that supports it. We’ve custom-designed a platform that allows all the various elements of a building project to communicate with each other, send information, and request anything from the disconnection of utilities to fencing, labourers, equipment, and more.
What does this realistically translate to? Not only getting your job done sooner, but getting it done at a fraction of the cost of a normal demolition. By taking all the manual jobs out, and allowing our lightning speed automation system to tick all the boxes for you, as well as meeting SLAs, we can ensure a streamlined process from end-to-end. All the while passing these savings in time, energy, and money onto you.
Feel free to put in a request to our automated portal, and we can get back to you on how and when we can deliver your project.