Tasmania tops the nation for First home buyer incentives

How times change! Only this time last year the Tasmanian Government announced the First Home Builders Boost will drop from $20,000 to $10,000 effective 01 Jan 2016. This week the Tasmanian Government announced that the First Home Builders Boost will be increased to $20,000 again, for another period, from 01 Jan 2016 to 30 June 2017.

Government Treasurer Peter Gutwein said “Tasmania can rightly claim to be the most attractive place in the country to build your first home”.

If you received a $10,000 First Home Builders Boost between 01 Jan 2016 and now, you will be eligible to receive the additional $10,000 Grant (that is the payment will be backdated for eligible transactions between 01 Jan 2016 & 25 May 2016). You won’t have to worry about applying for this additional $10,000 as the Tasmanian State Revenue Office will write to you provided you meet the eligibility criteria.

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If you are planning to purchase or construct a new home in the future please click here to see the eligibility criteria.

The Tasmanian Treasury estimates that the increased Grant would add 900 homes to the State during the increased Grant period. FHBA co-founder Daniel Cohen said “we expect most of the construction of the new affordable housing will occur around the outskirts of Hobart & Launceston”.

FHBA co-founder Taj Singh said while it’s long been debated how much first home buyer grants really help, FHBA are confident first home buyers in Tasmania will welcome the news. “To those who say the Grant doesn’t help, ask those who receive it. They will tell you that prefer to have it then not. They are the people that the Grant actually aims to help” said Taj.

The $20,000 Tasmania First Home Builders Boost will continue to apply to eligible first home buyers between now and 30 June 2017, when the Grant will reduce to $10,000 unless the Government makes any further extensions.

For more information on the Tasmanian Grant please visit our comprehensive guide.

For information on the First Home Owner Grants in other States please click here.

 

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