Hi,
I just bought an investment property. i still have some borrowing power, and with the new FHOG announced today, i might be able to afford another property (perhaps to live in). Would i qualify for the new FHOG, as i already have an investment property. Although having to live in the new property and not able to rent it out is going to be a bit costly. Is it a good idea to take advantage of this offer, if i qualify ?
any suggestions ?Nepash,
Welcome to the forum,
Unfortunately, if you already own a house then you are not a first home owner.
I am assuming that the new FHOG will have a similar requirement to the old FHOG in that you have to be a first home buyer and not previously owned property including investment properties.Hi
This might my ignorance talking, but I thought that you would still qualify for the FHOG even if you have an investment property, as long as you have never lived in it????
Cheers
Cat
My partner and I are about to start building our house next week. We have APPLIED for our FHOG but HAVE NOT received it as of yet!!!
We have received a letter from the government saying that we are eligiblie for the 7000.00 dollar grant but can not get this until settlement of our house (which our bank deems as when we request our first draw down)!!!!
Can you please help – does this mean that we will only receive the 7000.00 dollar grant or the 21000.00 grant now????
Please help!!!
Never like to disagree with my learned collegaues but Duckster is incorrect.
Up until yesterday if you have never owned a home that you have occupied as your main residence (an investment property does not count) then you have always been eligible for the $7000 Grant.
As from the 14th October 2008 nothing has changed other than the fact that the Grant has increased to $14,000 for the purchaser of an established home.
In Nepash's case you would qualify for the $14,000 Grant however in the case of RWEBB unfortunately as the Building Contract was entered into prior to the 14th Oct you would not get the additional $14,000 amount.
Richard Taylor | Australia's leading private lender
How long are these 14K ad 21K FHOGs going to last for?
I’M Not ready to get iNto the Market just yet
But proBaBly deCeMBer NeXt yearChris
30th June 2009 was announced yesterday by the Govt.
Richard Taylor | Australia's leading private lender
Gday all,
It's my first time on the site. I have a couple of places in my name and a place in joint names with my defacto girlfriend that is an investment property. I have received the FHOG. Is my girlfriend allowed to receive the FHOG if she buys a place in her name only? If what Richard says above, she may be able to.
Cheers,
ClydeHi Clyde
Tough call mate. The Defacto relationship would normally exclude her from receiving it but i have processed a few in similar situations and they have been received.
Suggest kid glove treatment on this one.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Never like to disagree with my learned collegaues but Duckster is incorrect.Up until yesterday if you have never owned a home that you have occupied as your main residence (an investment property does not count) then you have always been eligible for the $7000 Grant.
As from the 14th October 2008 nothing has changed other than the fact that the Grant has increased to $14,000 for the purchaser of an established home.
In Nepash's case you would qualify for the $14,000 Grant however in the case of RWEBB unfortunately as the Building Contract was entered into prior to the 14th Oct you would not get the additional $14,000 amount.
Gday all,
This is my first time on the site. A bit of background info. I have received the FHOG and have a couple of properties in my name and another in joint names with my partner that was bought as an investment, and she hasn't received the FHOG. Is she eligible to receive the FHOG if she was to buy a property in her name only?
Cheers,
ClydeSorry didn't see that it had gone through the first time. Don't mind me!!!
Thanks for that Richard,
Cheers,
ClydePleasure mate and welcome to the forum.
Richard Taylor | Australia's leading private lender
Hi there …just registered…but been around a bit.
I was a bit concerned re the advise from Richard on the FHOG, so I went to the Qld Govt web site and saw this…it is a copy and paste …describing the characteristics of an eligebil recipiant of the FHOG
- You must be a natural person, not a company or person acting in the capacity of trustee
- You, or a joint applicant, must be an Australian citizen or a permanent resident
- You must be at least 18 years of age when you entered into the eligible transaction (The Commissioner may consider an exemption from this requirement in certain circumstances)
- You and your spouse must not have received an earlier grant under the First Home Owner Grant Act 2000 or under a corresponding Act of an Australian State or Territory
- You and your spouse must not have previously held an interest in residential property in Australia prior to 1 July 2000. This includes investment homes
- 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)
Just to clear the air…the investment house issue is different pre and post 1/7/2000
Everyone should check the FHOG out them selves straight from the horses mouth…
Cheers
GregDHi Greg
Couldnt agree with you more about checking the FHOG requirement in your State from the OSR.
Remember all the FHOG is a Federal Grant adminstered individually by the States hence the variance in certain criteria.
You will suprised how many people in the finance professional whether they be Bankers, mortgage brokers, Solicitors I have told are wrong about the advice they give their clients. Can't imagine how many people havent claimed what they are entitled to.
In a nutshell if the purchase is your first property in which you will have resided in as a principal place then you will qualify for the Grant.
Richard Taylor | Australia's leading private lender
Yep…I didn't realise the fine differences between states either…gose to show if you don't become an expert in the areas your puting your $$$$ into, and rely on others to advise you…..sooner or later you will miss out..
Cheers
GregDHi All,
New to this forum.
My situation – Bought a unit off the plan last november, to be completed by ~ June 2009.
is the FHOG calculated upon the date that a contract is entered in and exchanged (Nov 08) or when settlement occurs (Jun 09)
Thanks,
Case
Hi Case
FHOG based on the Contract date.
With an off the plan contract you maybe able to terminate the existing contract and sign a new one with the vendor having a contract date post 14th October 2008.
Richard Taylor | Australia's leading private lender
Thanks Guys,
All of you. you have been great help. I have inquired with Revenue SA, and i will let you all know what they say.
Best Regards
Hi everyone,
This is what i received.
"If you sign a contract to purchase a property to live in, on or after 14 October 2008 then you will be eligible to apply for the additional $7000 boost.
The investment property you purchased will have no effect on your eligibility to receive the grant provided you never reside in that property. "
Cheers
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