Are you 60 or over? Would Love a New Home? Did you know?
There is available for the 60’s and over age group a Seniors Housing Grant.
It works like this:
The Seniors Housing Grant (SHG) is a once off grant of up to $8500, available to natural persons, aged 60 years or more, who are purchasing or building a new home valued at up to $400 000 and will phase out for eligible homes valued at up to $450 000 for home owners. The SHG is not available in addition to the First Home Owner Grant (FHOG).
The SHG applies to: a contract to purchase a new home entered into between 1 July 2014 and 30 June 2016 (inclusive); a comprehensive home building contract for a new home entered into between 1 July 2014 and 30 June 2016 (inclusive) where the contract states that the building work will be completed within 18 months of commencement or the building work is actually completed within 18 months of commencement; a contract for the purchase of a new home off-the-plan entered into between 1 July 2014 and 30 June 2016 (inclusive) where the contract states that the building work is actually completed on or before 31 December 2017; and an owner builder where construction of the new home commences on or after 1 July 2014 and before 30 June 2016.
The SHG is available to natural persons aged 60 years and over who purchase or build a new home as their principal place of residence.
Only one SHG is payable in relation to a particular new home and at least one of the applicants must: satisfy the Commissioner that they are aged 60 years or over; and occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months after the completion of the eligible transaction.
In addition an applicant is ineligible to receive a SHG if the applicant or their spouse/domestic partner has previously received and retained a SHG.
If your family have left ‘the nest’ or you are thinking of downsizing, why not consider a new home,. Your dream home built to your specifications. The dream may have to become reality as the build cost is maxed out at $400,000 but remember this includes the land value. For instance: if you purchased land for $180,000 then the full build cost would have to be $220,000.
There is a scale allowed to $450,000 where the SHG runs out to Nil.
If you are thinking along the lines of a new home, modern, easy to manage, clean and airy, then give me a call to discuss your situation and how this may be of benefit to you. The SHG runs out June 30, 2016.