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Increase to First Home Owners Grant

Andrew from Vista Financial
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Andrew from Vista Financial Newbie

Andrew from Vista Financial

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Hi All

Thought I might share some news on this for those that weren't aware.

The SA Govt are now offering a First Home Bonus Grant!

The FHBG is an additional payment for first home buyers who qualify to receive a First Home Owner Grant where the market value of the property does not exceed $450,000.

 

 

How much is the First Home Bonus Grant?

 

A FHBG of $4,000 is available for first home purchases with a market value of up to $400,000 and phases out for property with market values between $400,000 and $450,000 by $8 for every $100 in excess of $400,000.

 

The FHBG is in addition to the $7,000 First Home Owner Grant.

 

The Government has also scrapped previous stamp duty concessions. There was no concession for properties over $250K anyway so it was virtually meaningless in any event.

There has also been a proposition to have a FHOSA First Homeowners Savings account, not been approved yet but if it gets approval to start 1st October 2008.

It will give people waiting to buy a good chance to get some money taxed at a lower rate on growth and certain eligible individuals to be able contribute to it from pre tax dollars.

As I say not fully agreed yet, however I will keep you posted on this one.

Andy

 

 

 

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Guest graandjac

Guest graandjac

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:)Hi Andrew , does this apply to the total build price inc the land or just the house build price . So if the cost of the new build house only is say $250,000 (builders costs) then the new $11,000 is payable.....? I think that makes sence:biglaugh:

 

Cheers Graham

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Andrew from Vista Financial Newbie

Andrew from Vista Financial

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:)Hi Andrew , does this apply to the total build price inc the land or just the house build price . So if the cost of the new build house only is say $250,000 (builders costs) then the new $11,000 is payable.....? I think that makes sence:biglaugh:

 

Cheers Graham

 

 

Graham

 

Depends on the cost of the land in that instance, this should help!

 

  • in the case of a contract for the purchase of a home is the consideration for the purchase of a home, or, where that consideration is less than the market value, then the market value of the property.
  • in the case of a comprehensive building contract is the sum of the consideration for the building contract and the market value of the property on which the home is to be built as at the time when the contract is made, or, where the consideration for the building contract is less than the actual costs, the sum of the actual costs to build the home and the market value of the property on which the home is to be built as at the time the contract is made.

Where the consideration for the building contract is less than the actual costs, the consideration for the building contract will be the sum of the actual costs to build the home and the market value of the property on which the home is to be built as at the time the contract is made.

  • in the case of an owner builder is the market value of the property on which the home is situated at the time the home is completed and ready for occupation as a place of residence.

Cheers Andy

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Guest cunnah10

Guest cunnah10

Posted
Posted
Hi All

Thought I might share some news on this for those that weren't aware.

The SA Govt are now offering a First Home Bonus Grant!

The FHBG is an additional payment for first home buyers who qualify to receive a First Home Owner Grant where the market value of the property does not exceed $450,000.

 

 

How much is the First Home Bonus Grant?

 

A FHBG of $4,000 is available for first home purchases with a market value of up to $400,000 and phases out for property with market values between $400,000 and $450,000 by $8 for every $100 in excess of $400,000.

 

The FHBG is in addition to the $7,000 First Home Owner Grant.

 

The Government has also scrapped previous stamp duty concessions. There was no concession for properties over $250K anyway so it was virtually meaningless in any event.

There has also been a proposition to have a FHOSA First Homeowners Savings account, not been approved yet but if it gets approval to start 1st October 2008.

It will give people waiting to buy a good chance to get some money taxed at a lower rate on growth and certain eligible individuals to be able contribute to it from pre tax dollars.

As I say not fully agreed yet, however I will keep you posted on this one.

Andy

 

 

 

Hi Andy

 

I take it as we will be on the SIR 475 that we will NOT be entitled to this grant just like we are NOT entitled to a lot of other things!!!

 

Gill

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Andrew from Vista Financial Newbie

Andrew from Vista Financial

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Yes Dan it applies to first property purchase in Oz, $7,000 for FHOG if eligible and then if home is under $400,000 and eligible for FHOG then you also are eligible for the Bonus grant of $4,000. The $4,000 will reduce if the home is over $400,000 and cut out completely at $450,000.

 

 

 

That depends Gill on when you buy and when you get PR.

 

 

 

Andy

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Guest swampo

Guest swampo

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That is brilliant news for those of us who would like to but cant afford £400+ houses as 'first time purchasers'. Thanks for passing this good news on.

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Guest soggy

Guest soggy

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Hi Andy

 

I take it as we will be on the SIR 475 that we will NOT be entitled to this grant just like we are NOT entitled to a lot of other things!!!

 

Gill

 

One thing a SIR 475 does allow you to do is live in Adelaide, things could be worse. :)

 

Simon

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Andrew from Vista Financial Newbie

Andrew from Vista Financial

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That is brilliant news for those of us who would like to but cant afford £400+ houses as 'first time purchasers'. Thanks for passing this good news on.

 

Hi Swampo

 

It is actually for values under $400,000 that are eligible for the $4,000, as you say most First time buyers could not afford over that amount anyway!

 

 

Andy

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Carole Jolly Newbie

Carole Jolly

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Hi Andrew

Thanks for passing on the good news about the additional grant. I seem to remember reading somewhere that you had to have lived in oz for two years before being able to purchase a property and qualify for the $7000. Is this true and is this the case with the lastest new grant.

Cheers. Carole n Andrew

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