The first home owners grant (FHOG) was famously of great assistance to rookie buyers in SA for some time, but the FHOG (for established homes) has now gone, potentially forever. There are still grants available but I am constantly asked how much or who is eligible, so hopefully I can help clarify the situation for some, and point everyone else in the right direction for clarification.
Firstly, RevenueSA administers these grants, so if you are still confused even after reading this, refer to their website HERE.
In short, the FHOG still exists, but only for new homes. If you are buying an existing home that has been lived in previously, unfortunately you’ve missed out. This opportunity closed at the end of June this year. The FHOG that DOES exist is $15,000 on offer for first time purchasers who are buying a home that has not previously been occupied or sold as a place of residence. Interestingly, there are circumstances where the government will consider a substantially renovated home to be “new” and as such will still offer the grant. This definition is a little more in depth and will not affect most people, but please feel free to contact me privately for an elaboration.
The housing construction grant (HCG) was $8500 on offer to any person or company purchasing or building a new home up to the value of $450,000, where the contract for that home had been signed prior to 31 December 2013. The home didn’t need to be finished prior to that date and the claim for the HCG can still be lodged up until 12 months after the completion of the eligibile transaction. The new home, in many cases, can be completed any time before 30 June 2015, so even though no purchasers will be newly eligible for this grant, you may be eligible to lodge a claim despite not realising it at the time.
The seniors housing grant (SHG) is a new grant that began on 1 July 2014, and is available to all people aged 60 years and over that will be using the house as their principle place of residence. The grant is capped at homes valued at $450,000 and begins phasing out for homes above $400,000. It is set to run until 30 June 2016.
For those that are interested in the off-the-plan stamp duty concession, it expired as a full concession in June this year, but continues as a partial concession until 30 June 2016. The calculation is not overly complex but is explained best on the RevenueSA website HERE.
Hopefully you’ve found out about some grants that you, a friend or family member might be able to take advantage of that you weren’t previously aware of!
If you need any more assistance I always welcome enquiries and would love to help.read more