The guidelines below are for information purposes only. We strongly recommend that you click on the links and speak to your solicitor or conveyancer, and the relevant government departments, to make sure you have the most up to date information as it changes regularly.
* * *
FHLDS (First Home Loan Deposit Scheme) and Home Guarantee.
The First Home Loan Deposit Scheme (FHLDS) and the New Home Guarantee, are an Australian Government initiative to support eligible first home buyers to purchase their first home sooner. The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner. See below for details on each of these initiatives.
First Home Loan Deposit Scheme
5% minimum deposit PLUS costs (stamp duty, conveyancing etc)
New & existing properties
10,000 places from 1st July 2021 to 30th June 2022
Single & couple applicants
Must be first home buyers
Price cap Hobart $500,000 and the rest of Tasmania $400,000 – Click here for info on price caps.
You can find more information on the First Home Loan Deposit Scheme here OR download the Fact Sheet here.
New Home Guarantee
5% minimum deposit PLUS costs (stamp duty, conveyancing etc)
Building or purchasing new homes
10,000 places from 1st July 2021 to 30th June 2022
Single & couple applicants
Must be first home buyers
Price cap Hobart $550,000 and the rest of Tasmania $400,000- Click here for info on price caps.
You can find more information on the New Home Guarantee here.
Family Home Guarantee
2% minimum deposit PLUS costs (stamp duty, conveyancing etc)
10,000 places from 1st July 2021 to 30th June 2025
Single parent with at least one dependent child
First home buyers or previous home owners
Price cap Hobart $500,000 and the rest of Tasmania $400,000 – Click here for info on price caps.
You can find more information on the Family Home Guarantee here.
* * *
Tasmanian First Home Owner Grant.
The First Home Owner Grant has been extended by two years to 30 June 2022. The first home owner grant is available to eligible applicants who purchase or build a new home in Tasmania between 1 July 2016 and 30 June 2022 (inclusive). A new home is a home that has not previously been occupied or sold as a place of residence and includes kit homes. Click here to read the full fact sheet.
Conditions.
- If the applicant has been paid or will be paid the First Home Owner Grant, the Tasmanian HomeBuilder Grant is not available for the same transaction.
- Applicants may be eligible for the First Home Owner Grant as well as the Commonwealth HomeBuilder Grant for the same transaction.
Applying for the grant.
All Other states FHOG information:
Have a read of this helpful article on the grants from ‘Your Mortgage’ and also see specific government pages below:
* * *
Duty concession for first home buyers of established homes (TAS).
Announced 16 March 2021.
Change to duty concession for first home buyers of established homes – Tasmania only.
The duty concession provides a 50 per cent discount on property transfer duty for first home buyers of established homes. The dutiable value of a property that may be eligible for the 50 per cent discount on property transfer duty has increased from $400 000 to $500 000. All existing eligibility criteria must be met. The increase takes immediate effect but is subject to the passage of legislation. Please note, that if your Purchase Price is between $400,000.00 – $500,000.00 until the relevant legislation has passed you will be required to pay full stamp duty based on the Purchase Price and will then need to apply for the rebate following passage of the legislation.
How to apply.
- Refer to the Duty concession for first home buyers of established homes factsheet.
- Lodge a Duty concession for first home buyers application form.
Your solicitor or conveyancer will assist you to apply for the concession, and to seek a duty refund. Please yell out or email team(at)uploans.com.au if you have any questions around the grants.
* * *
Homebuilder Grants.
Tasmanian HomeBuilder Grant.
- Applications for the Tasmanian HomeBuilder Grant are now CLOSED.
- The Tasmanian Government extended its existing $20 000 HomeBuilder Grant by three months from 1 January 2021 to 31 March 2021 for owner-occupiers of eligible new home builds.
- The Grant is available to owner-occupiers for eligible new home builds where the contract was signed between 4 June 2020 and 31 March 2021 inclusive. The grant is not available for the substantial renovation of your existing home. However, it is available for the demolition and building of a new home under the new home limb rather than the substantial renovation limb.
Commonwealth HomeBuilder Grant.
- Applications for the Commonwealth HomeBuilder Grant are now CLOSED.
- $25 000 Commonwealth HomeBuilder Grant is available for eligible owner-occupiers (including first home buyers) building a new home, or substantially renovating an existing home, where the contract is signed between 4 June 2020 and 31 December 2020 (inclusive).
- $15 000 Commonwealth HomeBuilder is available for eligible owner-occupiers (including first home buyers) building a new home, or substantially renovating an existing home, where the contract is signed between 1 January 2021 and 31 March 2021 (inclusive).
Change announced by the Commonwealth Government on 17 April 2021
The Commonwealth Government will extend the HomeBuilder Grant construction commencement requirement from six (6) months to 18 months for a new home build or a substantial renovation. This would apply for applicants who had signed building contracts between the 4 June 2020 and 31 March 2021 inclusive. Click here to read the full fact sheet.
* * *
For further information on the building process and everything it entails, you can read our Home Building Guide, starting with stage 1 here: www.uploans.com.au/stage1