Here’s a strange one, does anyone know the answer to this? It’s not on the government website.
If a mother who has owned a home before & son who hasn’t owned a home before, buy a house together, can the son still get the FHOG?
Any help will be much appreciated. Thanks!!The answer is no. And if the son lives in it he will forfeit any future entitlement.
Secret is to structure the title and loan so only his name appears on title but both are on the loan if you need both for serviceability reasons.
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.
Hi UraneHan,
If a mother or any person, has had an interest in property before, other than IP after July 2000. They are not elgible for the FHOG, in this case.
Though if the mother decides to purchase a property in joint ownership with her son, its conflicting interest, as she has had an interest in property before hand. In this case, the son would not be able to access the FHOG.
The best way to service and recieve the FHOG, is to purchase the property in the son name, and the mother can be the guarantor of the property, In this case, the son is eligible and is able to access the FHOG.
cheers,
s.i.sHi everyone
Uranehan’s question has actually happened to me.
I bought a property 50/50 with my mother when i was 18, about 9 years ago in 1995. but i was not intitled to the grant because my mother had allready owned property. we have never lived in this property it has been purely an investment property. i bought my mother out of her share last year.
i also bought another investment property off the plan in 2003 which is not completed yet. but that is only in my name
mortgage hunter and SIS are you saying that i would still be entitled to the FHOG. If so i am totally stoked as i am looking at buying a property to live in very shortly.
Hi UraneHan,If a mother or any person, has had an interest in property before, other than IP after July 2000. They are not elgible for the FHOG, in this case.
Though if the mother decides to purchase a property in joint ownership with her son, its conflicting interest, as she has had an interest in property before hand. In this case, the son would not be able to access the FHOG.
The best way to service and recieve the FHOG, is to purchase the property in the son name, and the mother can be the guarantor of the property, In this case, the son is eligible and is able to access the FHOG.
cheers,
s.i.sSorry PMaurice,
You are out of luck on this one. Because you had an interest in property pre 2000 you cannot qualify for the FHOG regardless of whether or not you occupied it.
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.
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