First Home Owners Grant – When Will The Grant Be Paid? (Vic)
THE First Home Owners Grant (FHOG), that is valued at $,7000 to each eligible grantee, Australia wide, has been established by the Australian Federal Government to encourage people to take up home ownership. Its purpose was to offset the negative effect the GST had on home ownership. It is independently administered by each Australian state and territory government. Because of this variations exist between states and territories regarding its regulation. As a result the question often asked in Victoria as elsewhere of the FHOG, When Will The Grant Be Paid? (Vic), is fully answered here.
How is Payment of the FHOG in Victoria Determined?
The answer to this question depends on two main factors such as the type of transaction and which body the application was applied for through in the first instance, an Approved Agent or the State Revenue Office (SRO).
1 For the purchase of a home ‘off the plan’, an established home, or for the purchase of a new home:
- Approved Agent – payment will occur at the date of settlement by the approved agent.
- SRO– payment will paid into an account nominated by yourself by the SRO within 14 days of your application being lodged. Settlement must occur before an application will be considered,
2 Contract to build:
- Approved Agent – payment made on the date of the first progressive payment by the approved agent.
- SRO - payment will be paid into an account nominated by yourself by the SRO within 14 days of your application being lodged. A Certificate of Occupancy must have been issued before the application will be considered.
3 Owner builder:
- Approved Agent – payment will be made when the approved agent produces the Certificate of Occupancy.
- SRO – payment will be made into an account nominated by yourself by the SRO within 14 days of your application being lodged. A Certificate of Occupancy must have been issued before the application will be considered.
4 Terms of contract:
- SRO only – payment will be made into an account nominated by yourself by the SRO within 14 days of your application being lodged. Evidence of possession must be provided before the application will be considered.
When Will the Victorian FHOG Be Paid?
The First Home Owners Grant is not means tested but for contracts taken out on or after January 1, 2010 applications will not be approved for properties with a total value exceeding $750,000. The only exception being homes built or already existing on land used for primary production. In Victoria the SRO administers the First Home Owners Grant with the assistance of many banks and lending institutions who are Approved Agents.
Payment will be made following written approval of the Commissioner once the above requirement have been met. The date it is paid is dependent on whether you are buying an established home or building a new one or whether you have applied through the SRO directly or used an approved agent such as your bank or other financial institution. Your application will be returned unprocessed if it fails to contain the required supporting evidence or is not fully completed.
Objections can be lodged if you are not happy with the decision made by the Commissioner concerning your application for the First Home Owners Grant. Your objection must be made in writing within 60 days from the date you were advised your application was not accepted. If your objection is also disallowed you can then, within a further 60 days, ask that your case be considered by the Victorian Civil and Administrative Tribunal.
Related posts:
- First Home Owners Grant – Australian Capital Territory
- First Home Owners Grant (ACT)
- How to apply for first home owners grant
- When Will I Get the First Home Owners Grant?
- First Home Owners Grant (WA)
- Can I Apply for the First Home Owners Grant if I Have Previously Owned a Property Which Was Then Sold?
- First Home Owners Grant Frequently Asked Questions (VIC)
- First Home Owner Grant – Lodgement Guide and Application Form (ACT)
- How to Apply for the First Home Owner Grant (WA)
- First Home Owners Grant Eligibility Penalties NSW
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