The renovation grant is $25,000. Minium spend is $150,000 For a single, if your taxable income is over $150,000 forget it!For couples, $200,000 plus a year and you should forget it! A contract has to be signed before years end and you have to start within three months. Has ScoMo got councils on side?You have to spend a minimum of $125,000 and a maximum of $750,000 of your own money. If your home is worth $1.5 million or more, stop reading!Your renos don’t include pools, tennis courts or sheds! For a newly-built house, the end value of the home must be less than $750,000, including the land. A registered or licensed builder has to do the work.
Maybe suitable for Sydney, Melbourne, Canberra and the Gold Coast but the rest of Australia might be a bit light on in affluence and valuations.
However I believe this is another truimph by the economist computer brained boys in Treasury and Finance. It's not about the $750 million the scheme might end up costing but about the rest of the money freed up to swamp our economy like a rush of morphine. Possibly in excess of $8 billion of other people's money.
And the effects will be felt all through next year.
As the full effect of the economic reality sink in from September into 2021 there will be more cunningly devised stimulus packages until our economy stabilizes.
Then we roll up our sleves and get stuck into the huge debt overhang.........getting ready for the next national disaster.
