FIRST HOME OWNERS GRANT - URGENT ADVICE

Viewing 5 posts - 1 through 5 (of 5 total)

mcubed
Member
@mcubed
Join Date: 2004
Post Count: 33
November 29, 2005 - 1:20 am
Hi there
I am looking at purchasing my first investment (which means I will be able to get the first home owners grant) I have just found out the property that I am looking at making an offer on has just had tenants sign for another 12 months, which is great news for me (the new potential owner) but how long after i purchase the property must I move in to get the grant? is it up to a year after i purchase it, if so, technically I could move in the day they move out? please let me know asap! as this will determine if i purhcase the property
ps also how long do u have to live in the property for, i have heard 3,6 months?
cheers
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
November 29, 2005 - 1:26 am
You need to move in within 12 months for a period of 6 months.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
learnshare
Member
@learnshare
Join Date: 2003
Post Count: 105
November 29, 2005 - 4:04 am
Making sure you also collect at least three month of your utility bills, under your name, when you live in the property during the minimum six month occupation. The OSR will be asking for those evicences.
Cheers,
herman
mcubed
Member
@mcubed
Join Date: 2004
Post Count: 33
November 30, 2005 - 6:25 am
Great! thanks for the responses
appreciate that
so it is definately not 3months that u can live in the property? it must be a minimum 6 months?
also, when it comes time to get the grant,
how did u go about getting it?
does it come in the form of a chq? etc
so basically, if the tenants have just moved in and they move in one year, technically if i move in on the day they move out does this still apply?
ie can i still get the grant?
thanks again
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
November 30, 2005 - 7:07 am
You get the loan when you buy the property. you can apply yourself and submit it direct or through your lender.
If you haven’t lived in the property after 12 months then you must repay the money.
As the new lease has started you will be able to move in at the end and be within the 12 months.
It is definately 6 months. Whoever told you three doesn’t understand the rules. Don’t be taking too much advice from them [biggrin]
My website can direct you to the legislation for you to confirm it.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.