All Topics / Help Needed! / FHOG Query

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  • Profile photo of Boy in BlueBoy in Blue
    Participant
    @boy-in-blue
    Join Date: 2007
    Post Count: 10
    October 22, 2007 - 7:21 am

    Hi All,

    I'm 25 and my fiancee is 21, we are both on reasonable money, i'm on $55k and she's on $50k.

    Earlier this year we purchased a 850sm corner block of land in Traralgon, VIC for $96k.

    Currently in the process of town planning for subdivision and contruction 2 x 3 bedroom townhouses, cost to build is $292k

    Once the dwellings are constructed, we'll owe about $355k, and based on previous sales of similar 3 bedroom townhouses in the area the properties should be worth about $265k to $275k each ($530 – $550k).

    We dont intend on having kids for about 5 years, so i want to use all available funds to set us up while we're still young.

    I've found several investment properties that i'm interested in, some in SE QLD and some in SA.

    My understanding is that we cannot claim the FHOG until the slab is down, I cant see the slab being put down until approx feb – march 2008.

    Can you buy an investment property without losing your FHOG?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,074
    October 22, 2007 - 7:55 am

    HI Boy in Blue

    Check out the Office of State Revenue website in your State but to help out in the meantime

    To Qualify for the First Home Owners Grant

  • You and your spouse must not have previously held an interest in residential property in Australia on or after 1 July 2000 in which you or your spouse have resided (Ownership of an investment property after 1 July 2000 will not prevent you from obtaining the Grant provided you have NOT lived in the home).

    • Hope this helps.

    Richard Taylor | Australia's leading private lender