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
tuggerwaughHi, this true as long as you dont live in the i/p you can still access fhog
Yep – correct – I actually phoned 'em up and confirmed it.
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,
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 | Australia's leading private lender
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
MatFirst 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
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 | Australia's leading private lender
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.
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 | Australia's leading private lender
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