HELP NEEDED FOR A NEW COMER

Viewing 4 posts - 1 through 4 (of 4 total)

glenn mcauliffe
Member
@glenn-mcauliffe
Join Date: 2004
Post Count: 3
August 11, 2004 - 6:31 am
HI EVERYONE,
CURRENTLY MY WIFE AND I ARE RENTERS AND ARE ELIGIBLE FOR THE FIRST HOME BUYERS GRANT. WE ARE VERY KEEN TO GET INTO THE RESIDENTAL PROPERTY MARKET(WE CURRENTLY HAVE ONE COMMERIAL PROPERTY).
MY QUESTION IS –
IS IT WORTH GIVING UP THE GRANT(CURRENTLY $12K IN VIC) TO START INVESTING OR DO YOU BUY AND LIVE IN A PROPERTY FOR THE REQUIRED 12 MONTHS, OR IS THERE A CREATIVE WAY OF HAVING YOUR CAKE AND EATING IT TOO.
ANY ADVISE WOULD BE MUCH APPRECIATED
THANKS GLENN[hair2]
PurpleKiss
Participant
@purplekiss
Join Date: 2003
Post Count: 580
August 11, 2004 - 6:38 am
Do a search on FHOG on this site, there has been quite bit written about it. I think from memory that you have to live in it for 12 months and have to move in within 6 months or it coudl be the other way around, but have read of what has been written on this topic previously.
Regards
PK
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
August 11, 2004 - 6:56 am
Hi Glenn,
Providing you have not purchased a property before the 1St July 2000, you will be eligible to purchase an investment property, and still apply for the FHOG when you purchase your owner occupied property.
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIA
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
August 11, 2004 - 8:09 am
You don’t give up the FHOG by buying an IP – merely postpone it until you buy a home.
To qualify you need to occupy the home within the first 12 months then live in it for a six month period.
more info at:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.