TASMANIA: GUIDE TO FIRST HOME OWNER ASSISTANCE

LEARN ABOUT THE ASSISTANCE

The Australian Capital Territory First Home Owner Grant (ACT FHOG) is a ACT State Government initiative to help first home owners to get their ‘new’ first home sooner. It is an amount of money paid by the ACT Government to eligible first home owners.

Learn more about the ACT FHOG as well as other Australian Capital Territory Government assistance for first home buyers below.

  • The TAS FHOG is currently $10,000 for eligible first home buyers purchasing a ‘new’ home
  • An additional $10,000 is payable to those who meet a stricter criteria between 1 January 2016 and 30 June 2017 (that is a total $20,000 TAS FHOG payment)

Important Tip: Grants and Concessions tend to change at short notice, therefore please double check with your State government what is available in your area before buying your first home!

First home buyers are generally eligible for the $10,000 TAS FHOG if all applicants meet the following criteria:

  • Must be buying or constructing a ‘new’ home
  • Must be natural persons (i.e. not applying as a Company or Trust)
  • Must be at least 18 years of age
  • Must be an Australia Citizen or Permanent Resident
  • Must not have owned a home in Australia before 1 July 2000
  • Must not have owned and occupied, for more than six months, a home in Australia after 1 July 2000
  • If building your home or having a home built, you must occupy the home as your principal place of residence for a continuous period of at least 6 months commencing within 12 months of the date the occupancy certificate is issued for the property
  • If purchasing your new home, occupy the home as your principal place of residence for a continuous period of at least 6 months commencing within 12 months of settlement
  • Must not have received the FHOG before.

If you want to receive the $20,000 TAS FHOG payment, you must meet additional requirements set out by the SRO Tasmania under one of these 4 sub categories:

  1. Building your home through a registered builder
  2. Building your home as an owner builder
  3. Purchasing a home off the plan
  4. Purchasing a new home

To find more on the additional requirements please see the SRO Tasmania FHOG Guide or ask your Mortgage Broker.

A ‘new’ home is a residential property that has not previously been occupied or sold as a place of residence.

Additionally, to qualify for the FHOG in Tasmania when building your first home, you build must be:

  • located in Tasmania
  • be fixed to your land: and
  • meet the local planning standards

You may also be eligible for the TAS FHOG if you purchase a home that has been substantially renovated and considered new residential premises under the ‘A New Tax System (Goods and Services Tax) Act 1999’ and has not been occupied or sold as a place of residence since those substantial renovations were completed.

When you buy a property in Australia you usually have to pay a State tax commonly referred to as ‘stamp duty’. Many State Governments provide eligible first home buyers with concessions to stamp duty. Unfortunately there are currently no stamp duty concessions or exemptions in place for Tasmanian first home buyers.

However, there may be other State tax concessions you could be eligible for. The main ones are:

  • Principal Residential Land – No land tax is payable on homes that are the owner’s principal place of residence.
  • Rebate where vacant land is built on during the financial year – Where a principal place of residence is built on vacant land owned as at 1 July of a financial year, a rebate up to the amount of the land tax paid or payable can be claimed.

For details on these tax concessions as well as other Tasmania tax concessions please visit the Tasmania SRO website.

Applying for the FHOG and / or various tax concessions can be a little tricky. While you can check eligibility and apply online by yourself, we recommend you apply through the assistance of one of our qualified FHBA Mortgage Brokers.

Our FHBA Mortgage Brokers are not only experts at finance matters such as home loans and the FHOG, but they are also specialists in helping first home buyers everyday. Our service is free of charge (should you proceed with a home loan option through us). We can check your eligibility, apply on your behalf and be with you every step, providing you with peace of mind that you haven’t missed a thing.

  • To learn more about our FHBA Mortgage Broking service and have one of our experts assist you with your application, please visit our FHBA Mortgages home page.
  • To apply online by yourself visit the TAS SRO website.

You can find a FHOG eligible home at FHBA New Homes. Did you know that FHBA New Homes gives you access to the most FHOG eligible homes under one roof?

FHBA New Homes works a bit like a Mortgage Broker (but rather then help you find a home loan, our New Home Expert’s help you find a ‘new’ home). Your New Homes Expert can explore different homes from different developers to help you find a suitable home for your Great Australian Dream.

Like our Mortgage Broking service, FHBA New Homes is a free of charge service, as we are paid a referral fee from the property developer you choose to proceed with (if you do decide to proceed). This means we won’t be paid until you have decided on a home you like.

If you haven’t been introduced to FHBA New Homes Expert yet send us an email (enquiries@fhba.com.au) or complete the enquiry form and we will be sure to have your local New Homes Expert call you ASAP.

If you are thinking of purchasing an existing home then:

  • Unfortunately you will not be eligible for the TAS FHOG, as one of the requirements is that it must be a ‘new‘ home.

If you would like assistance with purchasing an established home we recommend you book in a free consultation with an FHBA Service CommunityBuyers Agent.

CHECK ELIGIBILITY FOR GOVERNMENT INCENTIVES

FHBA’s new & innovative Eligibly Estimator allows you to self-estimate how your savings are tracking and whether you have enough saved to qualify for a home loan. Upon completion, we will instantly send you a complimentary Australian Property Monitors Postcode Report (Valued at $39.95)

Check how your tracking in 60 seconds!

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely on the results of the Eligibility Estimator. Please contact an FHBA Coach who can arrange a more comprehensive estimate and advice based on your personal circumstances from a licensed professional.

We Need A Few Of Your Details

To see if your current savings are enough to buy in your selected suburb and to send you a complimentary FHBA Australian Property Monitors (APM) comprehensive postcode report for your selected suburb

Deposit Guide

  • 5%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 10%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 20%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)
    Nil

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

5%

10%

20%

Deposit Amount

Lenders Mortgage Insurance
(Indicative Only)

NIL

Stamp Duty
(Indicative Only)

Mortgage Reg. Fee

Transfer Fee

Other Costs

$ 3,000

$ 3,000

$ 3,000

Total Deposit + Costs Required

Surplus / (Deficit)

Your Current Savings

First Home Owner Grant

Fill in the form below to get your complimentary personalised deposit guide & your Suburb's Data report emailed to you within 48 hours!

TALK TO AN EXPERT

At FHBA we are passionate about helping aspiring first home buyers purchasing their first home.

Complete the form below for an obligation free call back from one of our experts.

We can help you with your first home search, home loan needs, Grant applications and/or any questions you may have.

Disclaimer: The information above is general in nature and should not be solely relied on. The source of this information was the SRO TAS website. This factual information was true at the time of writing (11 August 2016). FHBA recommends you speak with a licensed professional about your circumstances so you can find out if you are eligible for any Government assistance. FHBA does not recommend that you buy a new property simply so you can receive Government assistance. For more information on using our website please read our full Terms & Conditions policy.