Premier Stimulus Package
June 08, 2020
HIA has welcomed Premier Mark McGowan’s announcement of a $440million housing stimulus package to support WA’s residential building sector on Sunday.
The scheme includes $20,000 Building Bonus grants for consumers who sign up to build a new home before December 31. The scheme is not means tested and not capped in build value and is also available to investors.
Eligible consumers can combine the Building Bonus with the Commonwealth’s HomeBuilder scheme, as well as existing First Home owner incentives.
The Government also announced a Social Housing Economic Recovery Package to refurbish 1,500 homes, deliver about 250 new dwellings for Government housing and rollout regional maintenance program for 3,800 homes.
“This $440m investment by the McGowan Government follows extensive advocacy and lobbying by the local HIA team to support jobs and businesses in WA’s residential building supply chain,” HIA WA Executive Director Cath Hart said.
“We are pleased to have providing ongoing advice to the Government on the need for, and subsequent design of the Building Bonus.
“This package will position WA to recover more strongly than other states by attracting more people to our remarkable state and generating jobs and business activity.”
More details of the Building Bonus can be found here: https://www.wa.gov.au/government/announcements/building-bonus-package
The announcement follows Prime Minister Scott Morrison’s announcement last week of $25,000 HomeBuilder grants available to eligible participants for new builds or renovations.
“Eligible West Australians can effectively ‘stack’ existing grants and receive up to nearly $70,000 in support to build a new home,” Ms Hart said.
“Because of the timeframes to commence activity, I’ve called on the banks and local governments to step up and improve their processing times in order to do their bit to also support the economic recovery.
“HIA will continue to work with industry and government to support the smooth implementation of these programs in order to help kickstart a building-led recovery.”