Finally, as mentioned above, the grants will be limited to individuals earning less than $125,000 per year and couples earning less than $200,000 per year.
New builds will be capped at $750,000, while renovations can cost anywhere between $150,000 and $750,000, but will only be subsidised if the house being altered is valued at less than $1.5 million.
"In doing so, HomeBuilder will help to support the 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector including businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects", the government said. This has meant fewer homes being built and less construction work.
The cash grants are in response to a near 30 per cent downturn in the housing and construction sector, which saw new build forecasts drop from 171,000 pre-coronavirus to just 111,000 post-coronavirus.
And, DIY jobs are out of the question: the work must be done by a licensed builder, not an owner-builder.
The HomeBuilder program shall be executed through a National Partnership Agreement, signed by the State and Territory governments as well as the Commonwealth government, and shall make use of present mechanisms of the State and Territory to dispense payments under the HomeBuilder program.
The HomeBuilder programme announced by the Prime Minister yesterday does not include structures not attached to the home, such as swimming pools or garages.
"If you've been putting off that renovation or new build, the extra $25,000 we're putting on the table, along with record-low interest rates, means now's the time to get started".
In total, the federal government expects around 27,000 grants to be handed out.
CEO of Master Builders Australia Denita Wawn came out in support of the program today, saying it's a necessary step towards revitalising a struggling construction industry and kickstarting the economy.
The interruption was widely shared on social media and netizens around the world said this would have never happened in many parts of the world.
"We were facing a 40 percent decline across the country in residential home building, which would have equated to almost around about 450,000 job losses over the next 6 months", said Wawn, thanking the federal government for its support.
"The advice to me is that the June quarter will be significantly worse than the 0.3 per cent contraction we saw in the March quarter", he said.
But Josh Frydenberg said the government's package of economic measures is already supporting the sector, and it is examining its options to do more.
"There is one new rule in the press gallery", he said while smirking.
"What we're doing is consulting with key stakeholders", he said.