The Tasmanian Government has announced that, as part of the 2016-17 State Budget, the existing $10 000 First Home Owner Grant will be increased to $20 000.
The $20 000 payment is available for eligible transactions entered into on or after 1 January 2016 but before 1 July 2017. From 1 July 2017 onwards the grant amount will revert to $10 000.
Legislation will be introduced to underpin the new measure. Before that legislation comes into effect, the higher level of grant will be implemented by way of administrative arrangements (Grant Deed).
The existing requirements for receiving the First Home Owner Grant will apply to applicants for the increased FHOG Grant.
Eligible transactions are as follows:
- a comprehensive home building contract for a new home;
- the building of a new home by an owner builder;
- an off-the-plan purchase of a new home; or
- the purchase of a new home (for example, a spec. home).
Building is required to be completed within 24 months of the commencement date of the eligible transaction. The existing requirement to commence building within 26 weeks of the commencement date of the eligible transaction will be removed.
For more information from the State Revenue Office, please email email@example.com or phone (03) 6166 4400.