Additional Grant - General Information
On 9 March 2001, the Commonwealth Government announced an additional $7,000 grant where a first homeowner builds their first home or purchases a new, but previously unoccupied home. On 9 October 2001 the Prime Minister announced variations to the terms and conditions of this additional grant, which ceased on 31 December 2001. As from 1 January 2002 until 30 June 2002 inclusive, the additional grant will be reduced to $3,000.
The conditions for commencement and completion of construction, in relation to comprehensive building contracts, new home purchases, owner builders, and off-the-plan purchases are tabled below:
| Additional Grant Amount | $7,000 | $7,000 | $3,000 | ||
| Date contract signed/building commencement | 9/3/2001 to 8/10/2001
|
9/10/2001 to 31/12/2001 | 1/1/2002 to 30/6/2002 | ||
| Period after contract signed in which construction must commence | 16 weeks
|
26 weeks | 26 weeks | ||
| Period after commencement that construction must be completed by | 12 months
|
18 months | 18 months | ||
| Date by which construction must be completed (Owner builder, Off-the-plan only) |
30/4/2003 | 31/12/2003 | 30/6/2004 |
Have You Previously Owned An Investment Property?
Under the new Government rulings, if you have previously owned an Investment Property then you may still be elegible to claim your Owner Occupier First Home Buyer Grants and Subsidies....