Just wanted to know how the First Home Owners Grant applies to Qld’ers in relation to Wrapping. Has anyone had much experience with this and what the situation is. Thanks
AD
Hi Andrew, there are afew conditions prior to completion of the contract.
“Conditional payment prior to completion
1. The Commissioner will exercise his discretion under s.19(2) to pay the grant to purchasers under
instalment contracts prior to completion of the contract if all of the following circumstances exist.
(a) The contract has been on foot for at least one (1) year.
(b) The purchaser is not in default under the contract which would entitle the vendor to cancel the
contract.
(c) The purchaser has occupied the home as their principal place of residence under the contract.
(d) The purchaser has paid to the vendor an amount of not less than $7,000 or an amount which
is equal to at least ten per cent (10%) of the purchase price, whichever is the greater.
In calculating the amount paid to the vendor, any of the following can be taken into account:
(i) any deposit paid by the purchaser to the vendor;
(ii) any interest paid by the purchaser to the vendor; and
(iii) any other amounts which have been paid and deducted from the balance of the
purchase price.
Conditions of payment
2. A grant paid prior to completion of an instalment contract will be paid subject to the following
conditions.
(a) That the contract will be completed and will not be cancelled or terminated.
(b) That, following payment of the grant, the purchaser will remain in possession of the property
as their principal place of residence and will continue in possession following completion of the
contract to satisfy the residence condition of the grant.
(c) That, within fourteen (14) days of non-compliance with conditions (a) or (b), the purchaser
will notify the Commissioner of non-compliance and will repay the grant.”Check out the website http://www.osr.qld.gov.au under FHOG and residues. Section 2.1 – instalment contracts. This will be more reliable than my memory!
Hope this helps!
Li-Sa
Li-Sa,
You are a gem thank you very much I will check out the website.
AD
[:0)]Has anyone been able to get the home grant in Qld when wrapping properties?
Do you have to wait for a year to receive the grant or is it the discretion of the Gov’t?
Hi Guys.
Just a little info to add to the FHOG conversation might help some…
Copied from http://bne003w.server-web.com/~wb013
All accolades to original posters below….
“Topic: FHOG Clarification (1 of 2), Read 62 times
Conf: Property Investor Forum
From: Robert Forward [email protected]
Date: Thursday, May 30, 2002 05:16 PMHi everyone
We had a bit of a discussion earlier today in the chat forum about the FHOG and if people who have purchased IP’s but never bought a PPOR are eligible.
I rung the FHOG office in NSW who stated the following, if you have never owned nor contracted a property that you weren’t going to use as a PPOR then you are eligible. Basically I asked the question “I own investment properties but have not contracted/purchased any of them before 1st July 2002, and have never purchased my own PPOR am I eligible for the FHOG?
The reply was YES.
However, if you actually contracted or purchased any style of property, this also includes investment properties, before the 1st of July 2000 then you were not eligible for the grant.
Please note that this was directly from their call centre, but still further clarification would be needed I think. But worth a look at for those that have never had a PPOR but have IPs.
Cheers,
RobertGet your Property Inspection Reports @
http://www.CreativeFinance.com.auTopic: FHOG Clarification (2 of 2), Read 63 times
Conf: Property Investor Forum
From: Russell Chellew [email protected]
Date: Thursday, May 30, 2002 06:03 PMYou are Spot on Robert,
I received the same response when I contacted The State Revenue office in VIC a couple of months ago.
regards
Russell
Hope someone will benefit from the above….
Cheers
watto
Melb Freestyler
The topic ‘FHOG’ is closed to new replies.
