All Topics / General Property / Another FHOG question

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  • Profile photo of maximusmaximus
    Member
    @maximus
    Join Date: 2003
    Post Count: 189
    October 16, 2003 - 9:17 pm

    Hi all. A friend of mine asked me this question and I wasnt sure of the answer but thought someone here would know. My friends son aged 19 is about to purchase a unit as an investment and has never purchased property before. When he goes to purchase a place for himself, will he still qualify for the FHOG as he didn’t apply for it whilst purchasing the investment unit, or is there a way (legally) to apply it to the unit he is buying.

    Thanks again

    Marty

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    October 16, 2003 - 10:48 pm

    He cannot apply for it for this property unless he resides in it during the first 12 months.

    Owning an IP does not prevent him from using the FHOG when he purchases his home.

    He cannot move into this IP after the 12 months is up or he will lose his entitlement.

    You can check the legislation at http://www.osr.nsw.gov.au or your states equivalent. It is a federal initiative so the rules are the same accross the states.

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    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.

    Profile photo of maximusmaximus
    Member
    @maximus
    Join Date: 2003
    Post Count: 189
    October 17, 2003 - 10:30 pm

    Thanks for that Simon. My mates son will be happy. He thought he may lose the FHOG for himself by purchasing an I/P first.

    Regards

    Marty

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