Browse Forums Building A New House 1 Oct 11, 2014 11:10 am Hi all, I'm wondering if anyone has had any experience with the following: we've purchased a H&L package deal which is below the 750k threshold so we are eligible for the FHOG. However, if we were to splash out on certain options (eg nicer tiles etc) we might be at risk of going slightly over this threshold and no longer be eligible. I've seen advice on this forum that the FHOG is only based on original contract price, so any post contract variations don't count. But does this mean we have to pay for these additional options fully out of pocket or can the lending amount be increased? The majority of the advice I've been given is to pay for everything out of pocket. However none of the advice was very substantiated - it was more that everyone erred on the side of caution, rather than knowing for sure. Have there been banks that allow for the lending amount to be increased without compromising the grant? Unfortunately, I find it hard to get a solid answer on this so any answers out of experience would be appreciated! Thanks! Re: First Home Owners Grant and Post Contract Variations 2Oct 11, 2014 10:21 pm Seems your case is rare... The FHOG was issued to us upon first drawdown invoice so was based on original contract. If we were to ask for additional tiling that we wanted builder to do, we'd have to pay out of pocket. We could approach the bank for more $$$ but I wouldn't want to as the banks' letter states it is important not to do anything that has a financial impact whilst building ie quit job, buy new car, etc. I can only assume if you ask the bank for more $ they'll have to assess your situation again and you'll have official records that you altered your contract price by increasing it. Do you have reimbursements due at the end of your build? We have $2K coming back our way as we provided for items that was not utilised during the build. I agree with erring on the side of caution and would pay things out of pocket. Happy for others to correct me. --- Re: First Home Owners Grant and Post Contract Variations 3Oct 25, 2014 3:05 pm WE are currently in a similar situation but we have already contracted for land and now finding a builder. As the land was $450k we have to get a 4bed house in under $300k to be under the $750k total. That is indeed ok if we get no upgrades but both builders we have tenders out with are looking like they will be coming in right around $300k with no upgrades yet. One builder mentioned that the govt was more interested in the basic price and didn't care about options/upgrades but how do you even factor that in? DO you contract for a basic house and is that initial contract used as the basis of the grant and ot the final price you pay the builder? Important in NSW as it is worth $10,000 to us (FHO grant is actually $15,000 but if you go over you still get the New Home grant which is $5000) ORLANDO 28 - SYDNEY Re: First Home Owners Grant and Post Contract Variations 4Dec 28, 2020 3:45 pm UKAussi WE are currently in a similar situation but we have already contracted for land and now finding a builder. As the land was $450k we have to get a 4bed house in under $300k to be under the $750k total. That is indeed ok if we get no upgrades but both builders we have tenders out with are looking like they will be coming in right around $300k with no upgrades yet. One builder mentioned that the govt was more interested in the basic price and didn't care about options/upgrades but how do you even factor that in? DO you contract for a basic house and is that initial contract used as the basis of the grant and ot the final price you pay the builder? Important in NSW as it is worth $10,000 to us (FHO grant is actually $15,000 but if you go over you still get the New Home grant which is $5000) Hi what did you end up doing? It seems very clear to me that your contract states that a security account does NOT need to be established so the answer to the builder is NO. If in doubt find a contract… 1 8501 So AFAIk the outcomes of the BAL ratings form part of a clause that allows them to pass these costs on to you. However the more relevant detail is how did it go from 19… 1 9142 Any advice on a builder in NSW who is demanding an extra 22000k after the house is completed and contract paid in full .Standard HIA contract. Never received a variation.… 0 20503 |