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
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
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
rThanks for your advice richmond.
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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