First Home Builder Government assistance increased to $30,000
Coupled with the $7,000 First Home Owner Grant (‘FHOG’), the total assistance now available to first home buyers building or buying a brand new home is $30,000.
The increased FHBB and FHOG assistance package will provide a significant financial incentive to first home buyers who might otherwise be unable or reluctant to buy or build a new home. Please note that previously unoccupied ‘spec’ homes are also eligible for the increased FHBB payments. We encourage you to share this information with any friends or family members who may be eligible to benefit from this $30,000 incentive.
Who is eligible?
First home buyers who satisfy the FHOG criteria and are:
- Buyers of newly constructed homes (e.g. ‘spec’ homes) or
- Builders of new homes (either as an owner builder or through a registered builder)
To receive the increased assistance, the contract to buy or build the first home must be entered into, or building commenced, between 7 November 2013 and 31 December 2014.
For those people who have entered into a contract to build or buy a new home before 7 November, the old FHBB payment of $8,000 will apply, in addition to the $7,000 FHOG.
In addition, the following timing requirements apply in relation to the FHBB:
Commit to build or buy
When will the payment be received?
Getting the details
Additional information regarding the FHOG eligibility, the application process and other nitty-gritty details can be obtained from the State Revenue Office website www.sro.tas.gov.au/fhog or by calling 03 6233 8070.
We encourage you to contact your Ruddicks adviser if you have any questions regarding the above changes to FHBB and how they might apply to your circumstances.