SA FHOG Bonus likely to be extended

[Andrew from Vista Financial]

The SA First Home Owners Bonus Grant currently $8,000 for new builds/homes which is paid in addition to the $7,000 First Home Owners Grant (http://www.revenuesa.sa.gov.au/fhog/bonus8000.html) was due to reduce July 1 to $4,000.

 

It is likely that this Thursdays State budget will announce it will remain at $8,000 http://www.adelaidenow.com.au/first-home-bonus-grant-is-back/story-e6frea6u-1226368031870

 

Regards

 

Andy

[guspjmh]

Just to clarify, this means that any first time buyer in Adelaide - even migrants like myself - would qualify for £15k in total as a deposit towards our first house, regardless of current wealth?

[Andrew from Vista Financial]

Hi

 

First Home buyers in South Australia (this includes UK expats that have previously purchased in the UK) that meet eligibility can receive a grant of $7,000 (this is regardless of income or other assets held) for properties up to the value of $575,000. http://www.revenuesa.sa.gov.au/fhog/index.html

 

The First Home Owner Bonus grant which is what is being referred to above is for peolpe eligible for the First Home Owners Grant who are buying a brand new home or building a home and is an additional $8,000 for houses up to $400,000.

 

This then phases out for property between $400,000 - $450,000, meaning for property valued at over $450,000 $0 is available. http://www.revenuesa.sa.gov.au/fhog/bonus8000.html

 

Again the First Home Owner Bonus Grant is not means tested accoring to income or other assets held.

 

The $8,000 was due to be halved at the end of June 30 2012 but as stated is likely to remain at $8,000 after todays state budget.

 

Regards

 

Andy

[ken&wendy]

Hi

 

Think this only applies to Permanent Residents though. (I'm sure Andy can correct me if I'm wrong.)

 

Regards

 

Wendy

[Guest Crushfamily]

Can I assume that if you build the $400000 limit is calculate as house+land?

 

Thanks

[Andrew from Vista Financial]

Hi

 

Think this only applies to Permanent Residents though. (I'm sure Andy can correct me if I'm wrong.)

 

Regards

 

Wendy

 

 

Yes, that's correct Wendy.

 

Part of the criteria for FHOG is perm residence (it can be retrospective for up to 12 months though if temp at the time but perm is gained within this time).

 

Andy

[Andrew from Vista Financial]

Can I assume that if you build the $400000 limit is calculate as house+land?

 

Thanks

 

 

Yes, the value of the land and the build contract price is what it's based on.