Government building grants – an October 2021 update

Homebuyers, builders, and renovators take note! You may be eligible for a government incentive to help you with your dream home. There are several different schemes available, and the eligibility requirements are often revised. We’re here to help you understand the grants available to you and to keep on top of the changes.

Stamp Duty Concessions

If you are a first home buyer purchasing an existing home under $500,000 – you may be eligible for 50% off your stamp duty.

If you are a pensioner selling your home in Tasmania and downsizing to buy another home in Tasmania, you may also be eligible for 50% off your stamp duty.

First Home Owners Grant (FHOG)

First homeowners who build a new home, or purchase a newly built house, between 1 April 2021 and 30 June 2022 may be eligible for the First Home Owners Grant of $30,000. This is an increase from the previous grant of $20,000 for home purchases between 1 July 2016 and 31 March 2021.

First Home Loan Deposit Scheme (FHLDS)

This is a Federal Government scheme that offers first homebuyers the opportunity to purchase their first home with as little as a 5% deposit. This grant can be used in conjunction with other Government schemes as well.

Ancillary Dwelling Grants

Applications are now open for this new program. Funding is available for homeowners who construct a new ancillary dwelling (such as a granny flat or studio) and make it available for long-term rent for at least two years. This scheme will close on 30 June 2022, or until the program’s allocation of 250 grants has been filled.