By: Rosemary Johnston- Thursday, May 02, 2013
The Australian economy needs a significant boost to maintain growth as the mining boom comes to a peak. The next wave needs a strong construction sector. The State Governments are onto this, moving from First Home Owner Grants for any property to just those that are new construction. NSW, which has an acute housing shortage, has also created a new housing construction grant for investors and home buyers other than first timers.
In October 2012 NSW ended its $7,000 FHOG in favour of a higher FHOG for new construction only of $15,000. This $15,000 Grant will reduce to $10,000 from 1st Jan 2014. Plus it has a grant of $5,000 to build a new home whether by a home owner or an investor.
In September 2012 QLD ended its $7,000 FHOG in favour of $15,000 construction grant to build a new home. This has been renamed the Great Start Grant.
From July 1st 2013 Vic will offer $10,000 for new construction grant for homes to the value of $750,000. Stamp duty concessions will also increase. They will retire their current $7,000 FHOG on 30th June.
Home Buyers Concession Scheme due to finish June 30th and no replacement product.
The Housing Construction Grant for $8,000 will expire June 30th 2013.
The FHOG will end June 30th 2013, it offered $8,000.