All Topics / General Property / First Home buyer

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  • Profile photo of New_kid_on_da_blockNew_kid_on_da_block
    Member
    @new_kid_on_da_block
    Join Date: 2003
    Post Count: 6

    Hi everyone,

    I am planning to buy my first property for investment purpose (ie renting it out). Will I still eligible for FHOG in this case ? If not, how do I get around it ?

    Many thanks.

    new_kid

    Profile photo of richmondrichmond
    Participant
    @richmond
    Join Date: 2003
    Post Count: 831

    Hi new kid and welcome aboard,

    There has been a lot of discussion about this, and if you’re willing to wear the risk of basically defrauding the government for your own personal gain, go ahead. Personally I don’t think using the FHOG for an investment property is ethically right. You have to live in it at some point. If you’re going to live in it, even for a little while, no problem, go for it, if you’re not intending to, then I guess you can cross your fingers and hope you don’t get caught.

    Cheers
    r

    Profile photo of New_kid_on_da_blockNew_kid_on_da_block
    Member
    @new_kid_on_da_block
    Join Date: 2003
    Post Count: 6

    quote:


    Hi new kid and welcome aboard,

    There has been a lot of discussion about this, and if you’re willing to wear the risk of basically defrauding the government for your own personal gain, go ahead. Personally I don’t think using the FHOG for an investment property is ethically right. You have to live in it at some point. If you’re going to live in it, even for a little while, no problem, go for it, if you’re not intending to, then I guess you can cross your fingers and hope you don’t get caught.

    Cheers
    r

    Thanks for your advice richmond.


    Profile photo of Elysium-MElysium-M
    Member
    @elysium-m
    Join Date: 2003
    Post Count: 259

    If I remember correctly, if you get caught out, you have to pay back the $7,000 and they can slap a $7,000 penalty on you without any conviction. If convicted of providing false or misleading information to the government, it’s a criminal record (fraud-related, which will completely DESTROY your credit rating for years to come) and a further fine of up to $20,000.

    If you can’t pay up within a certain period, the government has the power to force the sale of your house.

    Personally, I’d rather save up the money than risk all that pain.

    Cheers
    M

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