The First Home Owner's Grant Guide: Tasmania - Pearl Financial

The First Home Owner’s Grant Guide: Tasmania

By Shane | First Home Buyer

Mar 12

The First Home Owner Grant is a state government initiative that helps first home buyers to get into their first home sooner. The state government pays an amount of money to eligible first homeowners. The First Home Owner Grant in Tasmania is currently $10,000 for eligible first home buyers purchasing their new home.

An additional $10,000 to those who meet some stricter criteria between January 1, 2016 and June 30, 2017, which is a total of $20,000 Tasmania First Home Owner Grant payment. As an important tip, grants and concessions have a tendency to change at a short notice. Therefore, please make sure that you double check with your state government of what is available in your area before purchasing your first home.

FHOG Tasmania Eligibility  

Generally, first home buyers are eligible for the $10,000 First Home Owner Grant if they meet the given criteria. An applicant must be buying or constructing a new home and must be a natural person, not applying as a company or trust. All applicants must be at least or over 18 years of age and is a citizen or permanent resident of Australia.

An applicant, including his or her spouse or domestic partner if applying with such, must not have owned a home in Australia before July 1, 2000 and must not have received the First Home Owner Grant before. All applicants mustn’t have owned nor lived in a home in Australia for more than six months after July 1, 2000. For those applicants who are building their home or having their home built, they must occupy the home as their principal place of residence for a continuous period of at least six months, starting within twelve months of the date the occupancy certificate is issued for the property.

$20,000 FHOG Additional Criteria

An applicant must also occupy the home as his or her principal place of residence for a continuous period of no less than six months commencing within twelve months of settlement if purchasing your new home. Furthermore, you must meet the additional requirements set out by the State Revenue Office Tasmania if you want to receive the $20,000 First Home Owner Grant payment.

The additional requirements established by the State Revenue Office Tasmania are for the four subcategories such as building your home through a registered builder, constructing your home as an owner-builder, buying a home off the plan, and buying a new home. An applicant must meet the additional requirements needed under one of the four sub categories.

A new home only applies to a residential property that has not been previously occupied or sold as a place or residence. To qualify for the First Home Owner Grant in Tasmania when constructing your first home, you must be located in Tasmania, fixed to your land and must meet the local planning standards.

If you purchase a home that has been substantively renovated and considered new residential premises under the A New Tax System Act 1999 and has not been occupied or sold as a place or residence since those considerable renovations were completed, you may also be eligible for the First Home Owner Grant.

For more information and assistance, you may visit Tasmanian Government’s website or ask your specialist mortgage broker.

The information in this article was current at the time of publishing, however, I recommend you confirm the prevailing rules with your trusted professional as they are subject to change.

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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