First Home Owner Grants - Build Flow and You
To all the first home builders or buyers across Melbourne, Victoria, and Australia, we celebrate you!
Taking the plunge on your first home can be a super intimidating, daunting, or nerve-wracking feat, and kudos to all the brave Australians out there who are investing in their family’s futures through real estate. As the markets have indicated recently, housing prices are only set to rise from here, meaning that time is crucial in securing your home. While this price rise has hit some hard, it’s not all doom and gloom, thanks to a series of housing grants outlined by the Australian Government over the last couple of years. These grants are intended to take some of the heat off families, owner builders, and those looking to set themselves up with a home.
Following on from the HomeBuilder Grant, which unfortunately expired at the end of March 2021 (although you can read about it on our blog here), the First Home Owner Grants scheme or FHOG for short, is a grant specially designed for those looking to buy or build a brand new home. This also works in tandem with the Family Home Guarantee and/or the First Home Loan Deposit Scheme (FHLDS) which allows families to buy a home with a proportionally smaller deposit. For Victorians, it ranges between $10,000 and $20,000 for people depending on if they are metropolitan or regionally located, and can only be used for a home that has not otherwise been used for residential or investment purposes.
From the State Revenue Office’s website:
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021. (Read information about FHOG amounts available before 1 July 2013.)
Your first new home can be a house, townhouse, apartment, unit or similar. The amount paid for the home, that is the contract price for construction when building the home, must be $750,000 or less.
The property must not have been previously sold as a place of residence, occupied as a home, or used for the provision of short -term accommodation, such as Airbnb. This means the first sale of a property will not be a new home if the person who built it lived in it, or leased it out or used it for short-term accommodation.
A new home can be a home that is substantially renovated, or a home built to replace demolished premises. It cannot be an investment property or a holiday house.
Clearly, this suite of grants and schemes can help out a lot of Australian families and individuals, while providing a great amount of groundwork for the construction industry to create jobs, assist economic growth, and help everyday Aussies to live comfortably. However, here at Build Flow, we’re hoping to open your eyes to even more potential usages for these schemes, picking out some specific terminology and applying it to our unique automation system.
Just like the HomeBuilder grant, two terms within the wording of these grant schemes that interest us are: “a home that is substantially renovated”, or “a home built to replace demolished premises.” What does this mean? It means we have a unique opportunity, as a service provider, to help you as a new home builder or buyer make the absolute most of these grants and leeway they provide you - using automation to make some smart savings in time and money. Basically, because the grant allows you to use this money on homes that are renovated, or that have replaced demolished premises, it means that we are fully enabled to assist you with the build or the buy. As focus areas for us, Build Flow is completely committed to optimising your renovation, construction project, and especially demolition.
Again, the ability to use these booster funds to a variety of different means will not only help you, as an active researcher, as one who has recently taken the plunge on a new home, or someone that is only just started to think about it, but your entire project management team. One of Build Flow’s major strengths is the ability to offset the huge amount of time required to do things like fill out paperwork, hire labourers, and contact utility companies. These tasks, when done manually, can be enormously time consuming, and can drag out the amount of time between when you demolish/build, or step into your brand new family home. Because of our simple yet intuitive automation system, we can help you to complete all of these tasks with a few clicks of the button, and have all the necessary information sent out via the power of the technology we have employed. It also provides huge savings in money and in energy, allowing for an end-to-end way to manage your builds, and a system that allows you to focus on the important things in life.
In theory, and because of the way we have designed Build Flow, this same notion could be applied to any step of a building project - from demolition to renovation, all the way through to complete builds. While Build Flow is in its infancy, we would still love to offer you, as a first home builder/buyer, the opportunity to try out our portal and see the difference that it makes. We think that with the additional money that is available as part of the government’s schemes, we can make a very real impact on the time, money, and energy that you’ll be investing into your home. Not only will we make the process easier, but we promise to use this money in a smart and effective way.
So please, shoot us an enquiry so we can begin to discuss how Build Flow can help you! We are totally happy to work with FHOG and FHLDS applicants to achieve the best result for their new family home. Contact us today!