Browse Forums Building A New House 1 Mar 14, 2015 1:45 pm Dear All, Wondering if someone who recently applied and availed this scheme could answer some of my questions. We have our land registered in Jan 2015 and looking to (fingers crossed) start the construction by Aug 2015. I know this isn't ideal, but we are counting on this grant to ease our journey a little bit given one of us will not be working during this period. This is also partly due to a conversation I had with a customer service agent from OSR who advised me that the grant will be provided to the applicant and its up to the applicant whether to use the grant towards loan repayment or other construction expenses. However, I found out this in the OSR website "Applications lodged with financial institutions will have the grant available for settlement or for the first draw down on contracts to build. If applying directly with us, the house must be complete and you must be registered on title." Does this imply I won't be able to apply for FHOG before construction and make use of it during construction phase? Could anyone please share their experience in terms of applying and obtaining this grant in NSW? How much time does it take to avail the grant from the time of application? Also, if anyone know about the tax implications of this grant? Thanks a lot for reading through. Re: First Home Owner Grant (New Homes) scheme - NSW 2Mar 14, 2015 2:00 pm Hi - our application was made by or financial institution prior to construction commencing. It can still get approved, you just won't actually receive the money until your first progress payment Re: First Home Owner Grant (New Homes) scheme - NSW 3Mar 15, 2015 12:09 am So yes it will be paid once slab is laid as long as it applied through your lending institution otherwise it is on completion. Building a sekisui house in Holmesville NSW viewtopic.php?f=31&t=75060 Re: First Home Owner Grant (New Homes) scheme - NSW 4Mar 15, 2015 9:06 am I just had a conversation with my finance broker a couple of days ago about this exact question. She told me that the bank has access to the funds so once the first progress payment is due you can request the FHOG to be paid to you through your bank, otherwise it will sit there until the house is complete. I was planning on using some of it for the 80 metres of fencing I will be needing and I wanted to organise the fencing install just after lockup. Re: First Home Owner Grant (New Homes) scheme - NSW 5Mar 16, 2015 8:01 am Thank you everyone for your responses. It's reassuring to know that we will have access to this money during construction rather than it sitting somewhere where you can't touch. We need this money to get some of extra work done. Especially when we have to go 'cash-in-hand' Re: First Home Owner Grant (New Homes) scheme - NSW 6May 25, 2015 2:39 pm resurrecting this thread. I have another question regarding the FHOG. It states: "the value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014" Does this refer to the price of the property, or the value of the property? For someone building on land which they bought before registration, the value of the land could easily shoot up by the time you start building, especially in high growth areas. If all the costs come under $750k, but the land is valued after registration higher than you bought it, pushing the total past $750k, are you still legible? Re: First Home Owner Grant (New Homes) scheme - NSW 7May 29, 2015 10:11 am If I can hijack this thread also. We've made our first progress payment 20 working days ago, the grant form was submitted through our Mortgage Broker then through Westpac (our lender). Do I need to call Westpac and ask them for the grant to be released into our account? I assumed this would happen automatically after the progress payment but it doesn't seem to have taken place... Cl'd/Peg: 20/03/2015 Cut & Slab: 24/4/2015 & 3/05/2015 Frames: 28/05/2015 Roof: 21/06/2015 Bricks: 11/07/2015 Lock Up: 7/08/2015 PCI: 18/11/2015 If so what were the "special circumstances" under which it was granted? "Note: If the development consent is for 'dual occupancy' an owner-builder permit can only be… 0 10937 Being an owner builder is no walk in the park. It’s a challenging endeavour that requires dedication and hard… 0 521 Sorry but you have a crap builder. Probably too late now. For our last build I only spoke to builders who would allow me easy access (at no cost). I used my own sparky… 10 7311 |