Thinking of building your new home? Well now’s the time to act!
No doubt you’ve heard about the ‘First Home Builder Boost’ (FHBB) and thought it would be nice, but I will look into it later…well it’s only available until the 31 of December 2014 so get in quick!
What is the FHBB?
It is an increased First Home Owner Grant (FHOG) payment of up to a total of $30 000 (compared to the $7000 previously available for established homes)
Who is eligible?
Buyers of newly constructed homes and builders of new homes (either as an owner-builder or through a registered builder). Applicants buying an existing home (that is, a home previously used as a place of residence) are not eligible for the FHBB.
What is the time frame?
- Commit to build – If you contract to build, you need to enter into a building contract between the 7th of November 2013 and 31 of December 2014 (inclusive) for the $30 000 payment.
- Commence building – laying of foundations need to be complete within 26 weeks of the date of the building contract.
- Complete building – An occupancy certificate needs to be issued from your local council within 24 months of completion of laying the foundations.
When will the payment be made?
Following completion of the laying of foundations or on completion of a home that is not financed.
For any further help on how to apply for the FHBB, you can click on the following link - http://www.sro.tas.gov.au/domino/dtf/SROWebsite.nsf/v-all/8D67B514FA1A41E0CA257AD00009BB85/$file/FHBB_001.pdf