Has anyone done a wrap wherebythe fhog can be accessed for the new purchasers deposit?
Hello Misty1
My partner and I are recent wrappees. We used FHOG as part of our deposit. It was very straight forward and quick with the facility where one can nominate where the grant is paid to i.e directly into the account of the wrapper.
Maddi
It can be done in Vic and NSW on installment contracts. In QLD and Tas, it looks like they only get accees to the FHOG after living in the property for 12months.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
cheers![biggrin]
Misty
In Qld Terry is correct about the 12 month rule.
The other stipulation is that you must have made repayments equal to a least 10% of the original Installment purchase price.
Quiet easy to cater for this on a Contract.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
there appears to be more to this fhog thing than first anticipated.
I did a bit of hunting on the firsthome.gov.au, and got swamped with the pages and pages of regulations.
I did manage to grab the number for the SRO (Vic) so I am going to give them a call tomorrow and see if I can get some questions answered.
cheers
al
– bite off more than you can chew and then chew like hell…Al, I LOVE your saying! “…& chew like hell!”
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