Property Passion - First Home Owners Grant

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First Home Owners Grant
In order to offset the impact of the introductions of GST, the government introduced the First Home Owners Grant (FHOG) on 1 July, 2000.

Who is Eligible?

A natural person (not a company or trust) aged 18 years or over wo are Australian citizens or permanent Australian residents (Individual State Laws may vary) Neither person, nor their spouse/defacto must have owned a home in Australia or previously claimed the grant in Australia. An eligible property must be located in Australia, and may be either a new or established property that is self contained and fixed permanently (ie must have a bathroom and kitchen and not be a caravan or similar) and lawfully can be used as a place of residence.
You must intend to occupy the home within 12 months of settlement, or make an application for occupancy within 12 months of completion of construction. You must also intend to occupy the premises for a continuous period of at least 6 months. (State laws may vary)
	Frequently Asked Questions Do I include the $7000 grant in my tax return? No,there is no tax payable on the grant. Is the FHOG means tested? There is no means test required to receive the grant.
What kind of property can I purchase? The grant is available for any single dwelling, duplex, flat, townhouse etc. that is fixed in place and suitable as a residence. The grant is not available for extensions/renovations to an existing building or for the purchase of vacant land.
How do I apply Application forms are available through an approved FHOG agent, a Solicitor, or from your Office of State Revenue (Refer on-line below)
Can I use the $7000 as a deposit on a contract? No, the grant is only payable upon completion of the transaction at settlement.
Can I received the grant for an investment property? Yes, provided that you occupy the property as your principle place of residence within 12 months of purchase, otherwise the grant must be repaid
How long is the grant available for? At this stage no closing date has been made.
How is the grant paid? The grant can be paid directly in to your nominated bank account OR directly to the builder as part of the first progress payment OR in the case of an owner builder, upon receipt of the Certificate of Occupancy.
Further Information For further information contact www.firsthome.gov.au or your Office of State Revenue: NSW www.osr.nsw.gov.au ACT www.revenue.act.gov.au NT www.nt.gov.au/ntt/revenue QLD www.osr.qld.gov.au SA www.revenuesa.gov.au TAS www.treasury.tas.gov.au VIC www.sro.vic.gov.au

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