Tasmania's First Home Owners Grant is a great form of financial support for new home owners. Be sure to read our Ultimate Guide to find out whether you're eligible and how you can apply.
In the 2018-19 budget, the Tasmanian government announced the $20,000 new home owners grant will be available for those building or buying their first home up until and including June 30th 2019. It's important to note that for those applying for the grant after this date, the First Home Owners Grant will amount to $10,000 rather than $20,000. So, if you are eligible for the grant and meet the requirements, it makes sense to apply sooner rather than later.
First, what's key is working out whether you are eligible for first time home buyer grants.
The Tasmanian government explains you are entitled to receive the grant if you have a contract for buying a new home, you are building a new home or you have a home building contract for a new home. If this is you, you can make an application through an approved agent. A detailed list of approved agents can be found on the Tasmanian government's website. Most major banks and credit unions qualify as approved agents. However, if you wish to lodge your application yourself, you can visit a Service Tasmania shop and apply there. It's important to note you cannot apply for the First Home Owners Grant by yourself for a contract based on an owner-builder agreement. Such a contract must be lodged through an approved agent.
If you are eligible for the First Home Owners Grant, your application will be processed within two weeks after the first lodgement. You will receive notification of the outcome in writing. It's important to remember that the processing time for your payment will vary depending on whether your first home already exists or is being built and whether you are making the application yourself or if you are going through an approved agent.
It's key to understand that Tasmania's $20,000 grant only applies for those contracts signed before 30th June, 2019. The grant is still available after this date, but the amount reduces by half.
When applying for the First Home Owners Grant within Tasmania, you must also provide supporting documents as evidence that you are eligible for the grant. This documentation can vary depending on what property type your first home is. This documentation includes proof of transaction such as a signed copy of the contract for the building of your first home. You must also provide proof of identity, confirming you are an Australian citizen or permanent resident. The proof of identity required again depends on whether you apply through an approved agent or by yourself.
If applying without an approved agent, it's key to remember more forms of identity are required and may make the process slower and more time-consuming. Finally, you must also provide proof of completion of settlement or construction. The type of first home you are owning and/or building will determine what documentation is required. If you have a contract to build your first home or have an owner-builder agreement, you will be required to provide proof of the certificate or permit of completion or occupancy. If you are buying an existing home, you will need to supply a copy of the land title in your name as well as a solicitor or approved agent's confirmation that the settlement has been approved and a Memorandum of Transfer that the vendor has signed.
It's very important to remember if you are eligible for the grant, the process to apply for the First Home Owners Grant in Tasmania will differ greatly depending on whether you lodge the application yourself or through an approved agent and whether you have an owner-builder agreement, you are buying an existing home or you are building a home.
Yes, you are able to use the grant towards a deposit, however it's key to remember the $20,000 grant usually will not be enough for the majority of home deposits. The same especially applies for the $10,000 grant for those applying after 30th June 2019.
You must occupy a home for a minimum of 12 months to be eligible for the grant. You will not be eligible for the grant if you do not own any property or land. Therefore, you could buy land with the grant but that land would be based on the fact that you had a property or land to build on prior to buying that new land. You can not apply for the grant without owning any land or property.
Yes, you are entitled to receiving the new home owners grant whether you are in a partnership or are married. The government grant for first home buyers is available to you and your partner/spouse. Being married does not affect your eligibility for the grant.
Yes. Permanent residents are entitled to receiving the government grant as well as Australian citizens.
No, you can't receive the new home owners grant twice. Unfortunately, the First Home Owners Grant can only be applied for once. If you have previously received the grant, you are not eligible to receive it a second time.
Land tax and stamp duty may apply to home owners in Tasmania. Please refer to the Tasmanian government's website to determine whether you will need to pay stamp duty or other taxes. The website has detailed and extensive information on what taxes and stamp duties may apply depending on your individual situation.
Yes. As long as you meet the eligibility requirements for the grant, you are entitled to the First Home Owners Grant on existing homes. The home must be located within Tasmania and you must meet the aforementioned eligibility requirements. You must also remember to apply before 30th June 2019 to receive the $20,000 grant. Any applications made after this date will be entitled to a $10,000 grant.
The First Home Owners Grant is an amazing opportunity for first home owners in Tasmania looking for financial support. If you have just bought your first home and you are looking to build, there's no better place to look than G.J Gardner's Homes. Rated Australia's No.1 and most trusted national home building brand, you can rest assured you're in good hands. Whether you are looking to start from scratch or simply renovate a pre-existing home, C.J Gardner can do it all. And, what's great is that if you are eligible for the First Home Owners Grant, you will be greatly assisted so you can spend time on things that matter.
Based on the information we have provided in this guide, we also recommend submitting your application through an approved agent. The process will be far simpler and less time-consuming for you. However, if you do choose to lodge your application by yourself, be sure to read the guide thoroughly to ensure you apply correctly. If ever in doubt, refer to Tasmania's government website for extra advice.
Either way, it's a grant not to be missed if you are a first home owner in Tasmania, so be sure to assess whether you are eligible and follow our ultimate guide to lodge your application as smoothly and simply as possible. Finally, remember any applications made after June 30th of this year will not be entitled to $20,000 but instead $10,000.The information contained in this article is not legal or financial advice and should not be relied upon as a substitute for professional advice. Consumers should make their own independent inquiries and consider the need to obtain any professional advice relevant to their circumstances. Further information about the First Home Owners Grant is available at http://www.firsthome.gov.au/.