Hi All,
Would like to seek some expertise from you guys.
Stamp Duty
1.) Will the Property Lawyer helps me apply or sort out the stamp duty?2.) is the stamp duty waived up front 1st? or do i have to pay for it upfront and stay in my property for 12 months 1st, only after 12months, then the stamp duty is rebated back to me?
3.) Do i have to stay there for 12months? What happens if i am working overseas for a short period?
FHOG
1.) Who will be assisting me to apply for FHOG? (1) Mortgage Broker (2) Lender (3) Seller Agent or (4) Property LawyerAny kind replies would be much appreciated. Ta.
Cheers
NitI jsut got a house using the first home owners grant and if your eligible for it (check your state/terrirtory's official website their should be a hotlien to call to check if you are able to get it. As for me
1) The lender will organise the first home buyer grant and then the solictor/conveyancer will go over it with you.
2) The stamp duty you don't have to pay for it is just waived.
3)You have to live in it personally for at least 6 months sometime with the year. so if the property settles in January you can move in in December the same year you just have to live there for 6monthsFHOG
1) Your Lender should be the main helper with the grant and the conveyancer will double check everything with you and they'll send it away to be approved
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Hi Nit,
I agree with tonyf387's comments.
If you use a mortgage broker they "should" complete the FHOG forms with you (inc the bonus) and lodge them with a lender. The lender will process it with the appropriate state dept, and the funds are made available at settlement.
If you applied for a $300k loan with a lender, they would take from that figure the applicable stamp duty (say $15k), and then add add back the applicable FHOG (say $14k – depending on where you are). So at settlement a loan of $299k would be available for your solicitor/conveyancer to use.
That's how it works in VIC, and it's probably reasonably similar in other states – I haven't dealt with first home buyers interstate, so I am happy to be corrected.
Cheers, MikeHi Nit,
With Stamp duty for FHBuyers, it is State specific. I know here in the West, you don't pay stamp duty for any purchase under 500k if you qualify for the FHOG. I think best thing to do is use a mortgage broker and they will point you in the right direction as far as stamp duty for your State
KimandGlen
Thnx all for all the kind replies. Much appreciated.
Looking for a investment property in Brisbane now.
Have a qns :
At the moment, the prices seems to be inflated due to the FHOG, shall i wait till FHOG end? in the coming months, there will be more job losses, hoping the prices will be corrected.
Cheers
Nittonyf387 wrote:I jsut got a house using the first home owners grant and if your eligible for it (check your state/terrirtory's official website their should be a hotlien to call to check if you are able to get it. As for me
1) The lender will organise the first home buyer grant and then the solictor/conveyancer will go over it with you.
2) The stamp duty you don't have to pay for it is just waived.
3)You have to live in it personally for at least 6 months sometime with the year. so if the property settles in January you can move in in December the same year you just have to live there for 6monthsFHOG
1) Your Lender should be the main helper with the grant and the conveyancer will double check everything with you and they'll send it away to be approved
Does the the 6months apply to stamp duties only? Is it the same timeframe to be eligible for the $14K FHOG grant?
Also, what happens if during the 6months, if i am working overseas for a short period say 3months, will this period 3months being away still considered as 'living in the property'?
Cheers
NitHi Nit,
Here's the link to the QLD FHOG form:http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf The exact wording from the form is:“ensure all applicants will reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction” http://www.osr.qld.gov.au/client-group/first-home-buyer/index.shtml Cheers,Mike
moana_fusion wrote:Hi Nit,Here's the link to the QLD FHOG form:http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf The exact wording from the form is:“ensure all applicants will reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction” http://www.osr.qld.gov.au/client-group/first-home-buyer/index.shtml Cheers,MikeThnx mate!
moana_fusion wrote:Hi Nit,Here's the link to the QLD FHOG form:http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf The exact wording from the form is:“ensure all applicants will reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction” http://www.osr.qld.gov.au/client-group/first-home-buyer/index.shtml Cheers,MikeHi All,
One more qns.
Current situation, i may be going overseas to work next year. Currently, still renting and is going to renew my lease soon since i have not yet bought my IP.
My question is, can i buy an IP, and myself continue staying in the current rented premises. The purchased IP will be rented out privately, in that case the utilities bills of the IP will reflect my name as resident of the IP, does it satisfy "in residing in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction"?
Also, since i will be staying in the rented apartment, RTA will have my records, is that going to be any conflicts?
Much appreciated for any kind responses.
Cheers
NitIt will only cause a problem if you do go overseas and use your passport. The Dept of Fair Trading regularly checks details (as does the ATO etc) to ensure that you are in fact living in your ppor if you have claimed the FHBG.
Scott No Mates wrote:It will only cause a problem if you do go overseas and use your passport. The Dept of Fair Trading regularly checks details (as does the ATO etc) to ensure that you are in fact living in your ppor if you have claimed the FHBG.What happens if i leave after 6months?
Absolutely nothing, the requirement is that you reside in the property for 6 months in the first 12 months after purchase. If you do live in the property, then you can vacate & use the six year rule for cgt exemption.
Hi Nit
Yes in Brisbane and Qld the mortgage broker would normally complete the FHOG application and lodge this with the lender on your behalf.
If you intend to move out and rent the property whilst you are overseas you need to make sure the loan is structured correctly to enable you to maximise your interest savings as well as separate the interest deductability.
Final point on Brisbane prices.
We are certainly not finding that current valuations reflect that prices will fall back once the FHOG Boost disappears later in the year and am surprised how well prices are holding up. If the demand for property from our investor clients is a gauge we should see a further boost in house prices in 2010 in Brisbane.
Richard Taylor | Australia's leading private lender
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