Browse Forums Building A New House 1 Jan 22, 2009 9:39 am My wife and I are hurrying our building plans along trying to make the July 1st cut-off date for the larger FHOG ($21k). In Tas we also get $4k stamp duty assistance for our block, so $25k is a substantial sum to help us on the way!
Because of this we want to make sure we get the grant. Does anyone know how flexible the grant conditions are? i.e. how final do our arrangements need to be before we're eligible for the grant? My understanding so far is that we'll need to do the following steps: - get plans drafted up - get plans approved by engineer (we're using someone who deals with council for this rather than going direct to them) (including bushfire management-plan as required due to our location), and have plans up for public comment (also required due to our zone) - get fixed-price contract from builder (we know them personally, we're planning on doing this and then doing a lot of the work ourselves, so the amount he quotes will be a more than it actually costs us) - get bank approval for plans @ quoted price - submit request for FHOG - submit request for stamp duty assistance with FHOG number Any comments on the above? Re: First Home Owners Grant for building ($21k) 2Jan 22, 2009 10:43 am Your arrangements have to be very final.
In Tas, like most of the other states, you get the grant when the builder produces an invoice for the slab of the house and the bank proceeds with its first drawdown. If trying to get it as an owner builder, you can only get it once you have a certificate of occupancy, so, the end of the build. You can't get the grant off plans or even a construction certificate, some of the building work needs to have been done first. http://www.treasury.tas.gov.au/domino/d ... %20paid%3F Quote: When is the grant paid? Payment of the grant is dependent on the type of transaction that is being entered into and where the application is lodged. Lodging via an 'Approved Agent': For purchase of an existing dwelling payment will be made at settlement; or For a contract to build, payment will be made on first drawdown of the loan (first progress payment to the builder); or In the case of an owner-builder payment will be made on production of a Certificate of Occupancy or Completion. Lodging via Service Tasmania For purchase of an existing dwelling, payment will be made upon proof of settlement; or For a contract to build, payment will be made upon production of a Certificate of Occupancy or Completion; or In the case of an owner builder, payment will be made upon production of a Certificate of Occupancy or Completion. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: First Home Owners Grant for building ($21k) 3Jan 22, 2009 10:45 am And try these other threads
https://forum.homeone.com.au/viewtopic.php?t=10268 https://forum.homeone.com.au/viewtopic.php?t=10353 After 4 years - we're in! Re: First Home Owners Grant for building ($21k) 4Jan 22, 2009 10:54 am thanks for the info guys.
what about conditions for cut-off dates (as opposed to conditions for payment)? hopefully we wouldn't have to have the first draw-down on the loan by July 1st? Re: First Home Owners Grant for building ($21k) 5Jan 22, 2009 11:08 am stevep79 Your arrangements have to be very final. In Tas, like most of the other states, you get the grant when the builder produces an invoice for the slab of the house and the bank proceeds with its first drawdown. If trying to get it as an owner builder, you can only get it once you have a certificate of occupancy, so, the end of the build. stevep79, what an excellent explanation! Looking at another one of your FHOG replies I have to say you have read well. It's very rare for a first home builder to have an excellent understanding of FHOG. Ponds Vista, eh? Re: First Home Owners Grant for building ($21k) 6Jan 22, 2009 11:44 am thlo stevep79 stevep79, what an excellent explanation! Looking at another one of your FHOG replies I have to say you have read well. It's very rare for a first home builder to have an excellent understanding of FHOG. Ponds Vista, eh? Thank you very much It comes from a chat with a rare extremely helpful person at ANZ who helped me understand what is actually meant by the "first drawdown", which doesn't include the deposit. She also explained to me that whether you are eligible for the FHOG or not, YOU have to come up with the money up front from your savings. If the builder wants 5% deposit, only you can pay that amount. The bank will not pay you a cent until you have paid the 5% (for a 95% loan) or 10% (for a 90% loan), etc. Too many first home buyers I've seen around these parts still think than they can use the grant as a deposit on construction or just get the bank to pay the deposit and they'll put in their money at a later stage of construction to make up the difference between LVR and valuation. No matter what you put after "The Ponds" it's never going to make the subrb name sound any better taththi thanks for the info guys. what about conditions for cut-off dates (as opposed to conditions for payment)? hopefully we wouldn't have to have the first draw-down on the loan by July 1st? The cut off date for eligibility is a bit easier to manage. You need to have your building contract signed before June 30th 2009 and start within 26 weeks (half a year) of the signing of the contract. Make sure you get your friend to do a contract because owner builders need to start construction by June 30th. Quote: New homes built under a building contract the contract to build the home must have been entered into on or after 14 October 2008 and on or before 30 June 2009; construction must commence within 26 weeks of entering into the contract; and the contract must specify a completion date for building work within 18 months of the construction commencing or construction must be completed within 18 months of the construction commencing. New homes being purchased ‘off the plan’ the contract to purchase the home must have been entered into on or after 14 October 2008 and on or before 30 June 2009; and the contract must specify a contract completion date of 30 December 2010 or before. New homes built by an owner-builder construction (ie. laying of the foundations) must commence on or after 14 October 2008 and on or before 30 June 2009; and construction must be completed within 18 months of commencement. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com first home tips, house and land as first home, sydney 7Jan 22, 2009 12:16 pm What more can I say? You've done it again.
stevep79 YOU have to come up with the money up front from your savings. If the builder wants 5% deposit, only you can pay that amount. The bank will not pay you a cent until you have paid the 5% (for a 95% loan) or 10% (for a 90% loan), etc. Too many first home buyers I've seen around these parts still think than they can use the grant as a deposit on construction or just get the bank to pay the deposit and they'll put in their money at a later stage of construction to make up the difference between LVR and valuation. You tell'em stevep79! Re: first home tips, house and land as first home, sydney 8Jan 22, 2009 6:38 pm thlo What more can I say? You've done it again. stevep79 YOU have to come up with the money up front from your savings. If the builder wants 5% deposit, only you can pay that amount. The bank will not pay you a cent until you have paid the 5% (for a 95% loan) or 10% (for a 90% loan), etc. Too many first home buyers I've seen around these parts still think than they can use the grant as a deposit on construction or just get the bank to pay the deposit and they'll put in their money at a later stage of construction to make up the difference between LVR and valuation. You tell'em stevep79! What can I say, I'm on a roll Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27729 Can anyone give me any onfo on New Homes WA? Good or bad, hopefully good just need to know if my choice was good or not? Thanks ❤️ 0 8943 That is a really good attitude Akin to you catch more flies with honey than vinegar. I do enjoy watching that tik tok inspector from Victoria but he does go a little… 12 81894 |