The SA Government has announced changes to assist new home buyers. The proposals include:
- increasing the First Home Owner Grant (FHOG) for new homes from $7,000 to $15,000 (ongoing) for eligible contracts entered into on or after 15 October 2012;
- reducing the FHOG for established homes from $7,000 to $5,000 for eligible contracts entered into between the date the necessary amending legislation comes into force and 30 June 2014. The FHOG will be abolished for established homes from 1 July 2014; and
- replacing the $8,000 First Home Bonus Grant with a new Housing Construction Grant (HCG) of $8,500 for all new home construction where eligible contracts are entered into between 15 October 2012 and 30 June 2013 inclusive. The HCG will be available for properties valued up to $400,000, phasing out for properties valued up to $450,000.
RevenueSA has issued Information Circular 51 which advises the First Home Owner Grant (Housing Grant Reforms) Amendment Bill 2012 (SA) was introduced into the SA Parliament on Thur 18.10.2012, to implement the above proposals.
Source: SA Premier’s media release, 15 October 2012
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