All Topics / Help Needed! / FHOG Quick Question

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  • Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerwaugh
    Join Date: 2007
    Post Count: 192

    G'day all…
    We bought a block of land that we are just about to sign a contract to build on. Obviously we apply for our FHOG on signing a contract to build, but where is the money paid into? Is it paid into my mortgage account or into a bank account of my choice? Any help would be appreciated…. cheers
    tugger

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

    It depends.

    If you are financing the construction then your lender assuming they are an approved agent can lodge the FHOG for you and the funds will be paid to you after the first draw or you can lodge it yourself and nominate a bank account in which you want the OSR to pay into direct.

    Richard Taylor | Australia's leading private lender

    Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerwaugh
    Join Date: 2007
    Post Count: 192

    Good on you Richard thanks for the reply. My Wizard broker is putting the grant in for us so i'm assuming the money will go into the bank account in which we use to make our mortgage payments. Does that sound right? cheers
    tugger

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

    Hard to comment as i dont now what he will do.

    I now what we would do but cant comment for someone else.

    Has he not given you a copy of the FHOG form with your details on it.

    Richard Taylor | Australia's leading private lender

    Profile photo of CentralChoiceCentralChoice
    Participant
    @centralchoice
    Join Date: 2008
    Post Count: 64

    Also depends on how the building contract is structured ie if house + land package and you pay using progress payments. Typically if it is lodged through the bank FHOG is given when the slab is poured.

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