I have learnt alot from this forum,it is great.I am wondering is it wise to buy my 1st property using the fhbg and if so is it true I only have to move in for a weekend.Thankyou.
Hmm, i don’t know about that moving in for a weekend idea, could you imagine how many people would be doing it if it was true? (including me i might add).
I Heard you have to live in it for one year minimum or if your having difficulties paying the house of and can prove it then you can start renting it out(think it has to go through court?)…..can anyone confirm this?Hi Folks
And welcome to the forum.
You can ONLY purchase your FIRST property with the FHOG. The purchase is intended for the property to be your PPOR and you need to move in within the first 12 months.
The length of time you must live in teh residence is not specified and you need to prove you lived there if questioned ie: utility accounts etc. Having said that I am pretty sure that a weekend does not count.
For more info go to the state revenue office website in your state, they have very clear explaintion of FHOG.
Cheers
Leigh K[
]Carve your own path and lead the way …
Hi
Thanks for the reply.Well if not a weekend what about if I could get all acount details they need,move in for a week or two then cut off power and phone,change adress back and move out.They do not say how long you have to live there for,you just have to have evidence that you did.I hope this is correct because I could sure use the $7000.Lister
The SRO website is comprehensive and the guidelines on that issue are very grey, so you would have to make up your own mind on that. I think a call to the SRO in your state might be useful just to ask their position on it.
Cheers
Leigh K[]Carve your own path and lead the way …
you have to be able to prove that you have lived in the house, so if you changed all you details.. licence, car insurance, postal address and so on to the address that you used to the gain the FOHG you should be fine, its really upto you how game you are, you could change you details on monday, and change them back again on tuesday, personaly i’d be waiting around 6months..
also so for the first home owners grant.. the “first” can be chopped off if your lucky enough like me.. i bought an investment property a couple of months ago.. am i still able to get the grant… YES!!
the rules are:
have you purchased a house before 2001 blah blah blah
and the next one..
have you purchased and LIVED in a house after 2001 blah blah, leaving me still able to use my 1st home owners grant, yeah your right, its sounds shonky, and is, but i’ve rang up the SRO (state revenue office) multiple times and every time the answer is..
SRO “yes your still able to use it”
ME “your sure”
SRO “positive!”NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
Dear Neo
Are you saying that if you buy an IP, do NOT live in it, after 2001, then you can claim FHOG for the property in which you DO live?
My son is about to buy his first property and expecting to move in, but, it would be more convenient if it were an investment property.
blossomthats the deal, tho it does make things a bit more difficult, i’m currently thinking about using my FHOG.. the only trouble i’ve faced is that.. if you use a autorised FHOG agent (being most banks, lenders, credit unions) you can receive the $7,000 to use as part of your deposit or to atleast pay stamp duty and costs.
but as the as the bank knows i already have a house, and only ever see’s things in black and white they are not willing to forward my application as their qualifying is a lot more simplistic “has your name ever been on a title?”
and only if the answer is no, will they forward it, at least this is the case with the lender i’ve delt with.i can still forward the application to the SRO myself but then the monies only becomes available after settlement, meaning after i’ve payed a deposit, stamp duty and cost out of my own pocket, which is fine if you have the money or family to borrow off for a couple of days/weeks untill the payment comes through
could someone who has done the application themselfs maybe tell me how long it take to receive teh money, as the website only say “after settlement”
NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
Thats amazing Neo. Could you say thats like a loop in the system? ahh well, i no complain.
Blossom,
Thats quite correct. You may buy an IP and still have access to the FHOG for your home.
As to the original question about a weekend – I would be very cautious proceeding in this manner. The FHOG is for your home and to claim it for what is not your home is fraudulent.
Whilst the rules may seem flexible I am advised that the audit process is not.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
simon, aka morgage hunter
you wouldnt happen to know how long it takes to get your FHOG when applying by yourself would you, a minor detail, but one thing govornment bodys arnt renound for is their speed!
so a general time frame would be a help as the property i’m looking at would need some renovations, and most of my money would be used on deposit, fees and so on.. so i’d wanna get it looking nice A.S.A.P so i cant get a tenant into it.
NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
simon, aka morgage hunter
you wouldnt happen to know how long it takes to get your FHOG when applying by yourself would you, a minor detail, but one thing govornment bodys arnt renound for is their speed!
so a general time frame would be a help as the property i’m looking at would need some renovations, and most of my money would be used on deposit, fees and so on.. so i’d wanna get it looking nice A.S.A.P so i cant get a tenant into it.
NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
arh fug!! i often wonder why ppl post the same thing twice now, i’ve done it! but i still dont know how!!!
arrhh
NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
Neo,
I have only ever submitted it with a loan application and it has always been available for settlement.
I am sure that if you lodge it yourself it should only take a few weeks.
Why don’t you give them a call?
Simon Macks
Mortgage Broker
[email protected]
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.
lol, i dont know, to lazy i guess..
nah i will, it just wasnt a matter that i really thought about, it was just now that we’re talking about it, that it clicked!
i guess that could be a sign of me working to hard.. or just being in la la land 3/4 of the day!!
NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
Hi all,
Check out this old thread:
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=3394
Blossom – I don’t think it’s a loophole. It’s a deliberate, specific provision.
And the cut-off date is actually 1 July 2000, not 2001.
Cheers
MI just submitted an application in person to the SRO VIC on behalf of my WRAP client and was told that it would be sent to “Balarat” (don’t know why) and that it would take about 12 days, that was 5 days ago, so we will see.
Cheers
Leigh K[]Carve your own path and lead the way …
]
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