All Topics / Help Needed! / FHOG – Is this true?/

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerwaugh
    Join Date: 2007
    Post Count: 192

    G'day all…

    this morning a read a question in the latest API magazine which Margaret Loams answered about FHOG. It gave me the impression that you could purchase IP and still have the opportunity to access your FHOG down the track. My partner and I have two IP's and living out bush housing paid by government… does this mean we could return home to Tassie and still access the FHOG? very excited if we could… any help would be appreciated…cheers
    tuggerwaugh

    Profile photo of paul cropperpaul cropper
    Member
    @paul-cropper
    Join Date: 2008
    Post Count: 1

    Hi, this true as long as you dont live in the i/p you can still access fhog

    Profile photo of CDCD
    Participant
    @cd
    Join Date: 2005
    Post Count: 24

    Yep – correct – I actually phoned 'em up and confirmed it.

    Profile photo of mathewc73mathewc73
    Participant
    @mathewc73
    Join Date: 2005
    Post Count: 241

    Can you please provide more info?  My first property was an IP and every time I have checked becuase of this I cannot use FHOG……

    thanks,

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Mathew

    Simplist way is to down load the FHOG application in your particular State and read throughly the declaration and how you qualify and you will see it is the case.

    Your mortgage broker would normally lodge the FHOG for you anyway with the application so should be able to show you.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of mathewc73mathewc73
    Participant
    @mathewc73
    Join Date: 2005
    Post Count: 241

    Thanks Richard, here is FHOG criteria for NSW from: http://www.osr.nsw.gov.au/benefits/first_home/general/eligibility/.

    Basically you must not have owned a "residential property" pre 2000. I assume this also means IP.   Which means if its in relation to NSW, you do not qualify.

    Do you agree or is IP not included in "residential property"?

    eg my first IP was purchased in 1997, and I only purchased my own place this year (renting ever since) so I dont think I qualify.

    Thanks
    Mat

    First Home Owner Grant Scheme

    FHOGS is available to people buying or building their first home and who meet the following eligibility criteria:

    • Each applicant is a natural person and not a company or trust.

    • At least one applicant is a permanent resident or Australian citizen.

    • Each applicant must be at least 18 years of age.

    • All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000.

    • All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months.

    • Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000.

    • This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid).

    • At least one applicant will occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months of settlement or construction of the home.

    • View First Home Owner Grant Act 2000

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Mat

    No an IP is not included as a residential property and you would qualify for the FHOG even if you had purchased an IP previously.

    The key wording is people buying or building their first home.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of mathewc73mathewc73
    Participant
    @mathewc73
    Join Date: 2005
    Post Count: 241

    Hi Richard,
    I emailed them at: [email protected]

    And their response was below.  Which means "No" you cannot claim as an IP is considered a residential property.

    Under the legislation of the grant an applicant for a first home owner

    grant is ineligible if the applicant or the applicant’s spouse has

    held a relevant interest in property before 1 July 2000. As you acquired

    your investment property prior to the inception date of the scheme, 1

    July 2000, you are ineligible to apply.

    Should you wish to discuss this email please contact the office on 1300

    130 624.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Matt

    Dont want to disagree with you but you certainly can claim the Grant and have done if for dozens of clients before.

    Maybe someone just didnt understand your question but i assure you you would be elligble.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

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