I am about to buy an 18% share in a 330000 house from my brother.Could anybody tell me if i can get the fhbg.How would this affect my buying of a house in about a year.I have 35000 in the bank,what would be the best way to structure the loan so i don`t lose out.Also I was wondering how this will affect stamp duty.Thank you in advance.
Hi gattaga,
Will you be living in the property? If the answer is no, then I can’t say for sure, but I believe to qualify you have to actually be living in the property and not just own it (or part thereof).
Cheers,
Jo
I am currently living at the address.
Good to hear,
Without knowing all the legalities/rules etc for FHOG it would be wrong of me to say for sure, as my info is not accurate, however please seek expert opinion in this matter. As your brother is buying into the property as well, no doubt he will be arranging legal paperwork, so ask your solicitor at the time about the possibilties and he may be able to shed some light, if not, at least he can direct you to those who can.
Good luck, and congrats on your (18th share of the) new home.
Cheers,
Jo
If all the people on the title qualify then the FHOG is available for one of you, if you reside in the property. The rest will then forfeit their entitlement if they occupy the home. If anyone on title has ownbed a property then none of you will get it.
This is quite complex. Best to get legal advice.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Gataga,
I’m curious, why you are considering this move?
I notice you have $35K available to you.
It seems to me that, provided you qualify, and meet FHOG guidelines you would be better off buying your own property in your own name.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi derek,
I am buying my brothers share because he has another house,and cannot meet both repayments.I am currently living at the house that I will be buying into with my mum and other bother,who also have a share.I currently pay board,so this will almost cover the repayments.I will probably buy a house with my girlfriend in about 1.5 years.Hi Gataga,
Thanks for that – all I can offer is make sure you are entering this arrangement with all factors considered. Have you, your mother and brother sat down and explored all of the ‘what ifs’, ‘buts’ and ‘maybes’ about a joint purchase.
If there is a huge discrepancy between purposes for buying thisproperty and what your individual moves thereafter are going to be then complications may arise.
Based on Simon’s information it would appear that your mother and/or brother (assuming she has previously owner a home) may negate you capacity to qualify for the FHOG.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Gataga, you can still help your brother and obtain a share in the bouse but is it really necessary to commit your cash to the deal ?
Pisces
Thanks Pisces,
I’m not really sure what you mean,could you please explain.I am buying the share mainly to use the equity to buy a house to live in with my girlfriend in a couple of years.There is no way we could afford repayments on a house to live in with prices being so high.
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