All Topics / The Treasure Chest / home grant

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  • Profile photo of neologismneologism
    Member
    @neologism
    Join Date: 2003
    Post Count: 91
    June 3, 2003 - 10:59 pm

    hi all, thanx to all who replyed to my last question, and thanx in advance to those who reply to this one..

    im currently living with my parents (only 19) and want to buy a property to rent out whilst still living at home. i’ve been told by a number of different people i can purchase an investment property, then also later on buy another property (to live in) and i will still have my 1st home owners grant for the house i’ll live in as the 1st house was an investment, not a place of princiable living? is this true or once i’ve got a house the rebate will be gone, (i dont want to live in it for 3 years before i rent it out)

    is there anyway i can get the grant whilst still renting it with out little johny get’n onto me?[}:)]

    Profile photo of williwilli
    Participant
    @willi
    Join Date: 2002
    Post Count: 186
    June 3, 2003 - 11:09 pm

    quote:

    is there anyway i can get the grant whilst still renting it with out little johny get’n onto me?

    Basically, you need to class that house as your PPOR to get a FHOG, so if you can get creative and find a way to place the house as your PPOR on your tax return and also get someone to pay rent, who are willing to not make it their PPOR and/or class it as a sub-let (??) you may be able to get that through….

    Risky though…..you also need to consult your ethics and morals on this one…

    Pete

    …Beware of the dreamtakers…

    Profile photo of neologismneologism
    Member
    @neologism
    Join Date: 2003
    Post Count: 91
    June 3, 2003 - 11:27 pm

    yeah thought about that.. u dont know if i can get the rebate on a second house if i dont live in the first do ya?

    Profile photo of williwilli
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    @willi
    Join Date: 2002
    Post Count: 186
    June 3, 2003 - 11:28 pm

    no idea mate……

    …Beware of the dreamtakers…

    Profile photo of SebastianSebastian
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    @sebastian
    Join Date: 2003
    Post Count: 55
    June 4, 2003 - 12:27 am

    Hi there Neo,

    I have just recently purchased my first home and I will be doing something similar to what you are thinking of doing.

    My understanding is that as long as the house that you have applied for the grant for is your principle place of residence within the first 12 months after settlement that you will qualify for the FHOG. Therefore you may rent it out, or part of it as long as you live in there within the first 12 months after settlement, and that does not mean you will have to live in there for the entire 12 months, you may for example move in there 6 months after settlement. However, I would suggest that you do some more research into this as I will be to confirm this. A good starting point is http://www.firsthome.gov.au/ and I would also suggest giving the FHOG people a call to speak to them about your plans.

    Does anyone else have any thoughts about this?

    Regards

    Sebastian

    Profile photo of neologismneologism
    Member
    @neologism
    Join Date: 2003
    Post Count: 91
    June 4, 2003 - 1:09 am

    thanx Sebastian

    i rang the irs place and they said u can rent a house out then claim a second house under the FOHG as long as u dont live in the first house..

    thought u’d like to know

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