All Topics / Creative Investing / FOHG for multiple units

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  • Profile photo of MarvinMarvin
    Member
    @marvin
    Join Date: 2003
    Post Count: 24

    My girlfriend and I have still got our First Owners Home Grant, and we’re wondering how we can use it for investment purposes.

    Is it possible to build a multiple unit development, live in one of the units and rent the others out? Kinda like a triplex and rent 2 out, for example.

    Also, I heard that you cannot combine your FOHG together for one place. What if it was for multiple units like the above examples. And it we use one FOHG for each unit?

    Hope you can help me clear this up, thanks.

    Cheers,

    ~Marvin from Toowoomba (QLD)

    “Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee

    Profile photo of tribe_of_dantribe_of_dan
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    @tribe_of_dan
    Join Date: 2004
    Post Count: 22

    Hi Marvin,

    This link may be of assistance to you.

    http://www.osr.qld.gov.au/gas/fhog/index.htm

    Dan Lewis

    Profile photo of tribe_of_dantribe_of_dan
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    @tribe_of_dan
    Join Date: 2004
    Post Count: 22
    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    You can only get the FHOG once for one proeprty. If there are mulitple units on different titles, then you will only get it on one of the purchases. Your girl friend should be able to get it on one of the others, but you must buy separately to each other.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of MarvinMarvin
    Member
    @marvin
    Join Date: 2003
    Post Count: 24

    First of all, thank you for the links. I’ve gone and read through them.

    So technically, I can use my FHOG and get a house/unit and live in there with my girlfriend for 12 months. Then use her FHOG and get another place, then move there together, and rent out the initial house/unit that I bought.

    So long as we applied for the FHOG as individuals, it shouldn’t void our partner’s FHOG if they were staying with us right? I did’t quite get that clearly from the websites provided.

    Cheers!

    ~Marvin from Toowoomba (QLD)

    “Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee

    Profile photo of buzzwellsbuzzwells
    Participant
    @buzzwells
    Join Date: 2005
    Post Count: 83

    And so long as the government keeps the scheme going in a year or two. This scheme may not be around forever.

    Though I do like your way of thinking!

    What if you purchased a block of units that are under the one title. I wonder if you could use the FOHG to help fund the purchase, then after 12 months, strata the block, or subdivide it into different seperate titles…

    Learn, Love, Strive. Make a difference!

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