hi guys.
i just wanted to know if the FHOG is applicable to owner builders?
i haven’t been house hunting lately due to the current economic climate, but i have found a nice block in an established area in melbourne.
i was thinking about possibly being an owner builder, trying to leverage the FHOG.
anybody also know how this works with the banks?
thanks.
Yes, owner builders do qualify, see:
http://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog.htm#4in the case of owner builders, commenced construction (laying of foundations) of a home on their land in Victoria.
In respect to the timing of payment, see:
http://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog.htm#11payment will be made to your nominated account by the SRO within 14 days of lodging your application.
An application will only be considered after issue of the Certificate of Occupancy.
All the best,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Owner Builders are not the favourite clients of Lenders so you will be limited to around 75-80% Lvr.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Owner Builders are not the favourite clients of Lenders so you will be limited to around 75-80% Lvr.why is that? is that LVR inclusive of land value also?
i feel that there is a chance for me to save some cash with being an owner builder, therefore thats my reason. thanks.
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