Ultima Building Group’s Veronica Sparagis says Home builder could save Sydney building industry

A Penrith building company says the Federal Government’s Home builder program could help builders survive the current economic downturn, and give tradies a much-needed “confidence boost”.

Veronica Sparagis, co-owner of Wallacia-based Ultima Building Group, said the Federal Government's Home builder Program could save the jobs of builders and tradies throughout the current economic downturn.

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A Penrith building company has said the Federal Government’s Home builder Program could ensure tradies and builders survive the current economic crisis.

Ultima Building Group, based in Wallacia, said the program is a lifeline to the building industry.

The Home builder Program will offer $25,000 to people to either build or renovate their home, provided they sign contracts to build or renovate by the end of the year.

The grants won’t be available to anyone wanting to build or improve an investment property, while extensions such as swimming pools, tennis courts, and garages are not eligible.

Ultima Building Group’s co-owner and business development manager Veronica Sparagis, said the grant is welcome relief for an industry that is renowned for crashing in economic downturns.

“The government has provided a win-win for both homeowners and the building industry with the Home builder grants,” she said.

Ultima Building Group co-owner Veronica Sparagis.

“As an industry we have faced many challenges, and the building industry, including the many suppliers of materials and products, are given a confidence boost with such a landmark support package from government.”

There are about 368,000 small builders and tradies who employ 800,000 Australians that are expected to benefit from the Home builder Program.

“Areas like Penrith, Bankstown, the Blue Mountains, and Blacktown have real estate that is still affordable enough for first-home buyers,” Mrs Sparagis said.

“For those who have been holding off on building a new home, now is a good time, especially with this grant and low interest rates.

“If homeowners don’t have the funds to build, then a renovation will improve the value of their current asset.”

The Home builder Program is available for houses with a property value of less than $750,000 or renovations with a contract value between $150,000 and $750,000 on a property value of less than $1.5 million.

An individual applicant can’t earn more than $125,000 and a couple can’t earn more than $200,000.