Is it possible to use the first home buyers grant, to purchase a property for investment (to rent out)?[confused2]no, its the First Home Owners Grant – not the First Investment Property Grant.
You can buy the property and then move into it for about 6 months or something and then rent it out. Or you can rent it for up to 12 months after you bought it and then move in for your 6 months. You should always check the accurancy of information you get off a forum, I’d contact the ATO to confirm.
One thing to keep in mind is that even though you cant get the FHOG for an investment property (which I think is pretty fair) you can buy any number of investment properties and still be eligible for the FHOG when you do get around to buying your principal place of residence. As long as you never live in any of your IP’s then you are eligible.
MarkyMark
The answers are here:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
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.
you can’t buy IP and then PPOR and claim FHOG. It’s only for your first ever HOME, IP or not.
So you can’t buy heaps of IP, don’t stay in them and then buy a PPOR and stay and claim, u wont get it as you have owned numerous IPs before.
however, u can move in within 12 months to get the FHOG.
There’s no Such thing as No Can’t Do!!!!!
Hi Motivstorm,
You can actually do it. I sent asked the ATO and they confirmed it in an email to me. See extract from email. Check yourself if you want. The ATO are pretty good at getting back to you.Section 14 (4) of the Act provides that an applicant is eligible for the grant if the applicant or the applicant’s spouse has, on or after 01 July2000, held a relevant interest in residential property in Australia, which was not used at any time as the residence of the applicant or the applicant’s spouse.
Cheers,
MarkyMark
Don’t make any investment decisions based on the content of this post. I am not giving advice. Check for yourself with the ATO.
Originally posted by Motivstorm:you can’t buy IP and then PPOR and claim FHOG. It’s only for your first ever HOME, IP or not.
So you can’t buy heaps of IP, don’t stay in them and then buy a PPOR and stay and claim, u wont get it as you have owned numerous IPs before.
The above is incorrect,
If you have not purchased a property before the 1St July 2000, you will be eligible to purchase an investment property, and still apply for the FHOG when you purchase your owner occupied property.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hey Mobile Mortgage,
I think we both wrote that post at exactly the same time. I think that I pressed the “Post” button 2 seconds earlier than you. [cap]Care for another race? [biggrin]
Just joking.
Markymark
Snap,[biggrin]
Markymark, well done on doing your due diligence regarding the FHOG, Cheers.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
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