All Topics / Help Needed! / FHG for company titled property

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  • Profile photo of ciciwxciciwx
    Participant
    @ciciwx
    Join Date: 2009
    Post Count: 9
    July 11, 2009 - 6:08 am

    Hello there,

    my cousin is a First home buyer. we saw a good value property but it is under "company title".  

    I have checked the web and realised that this title is like we buying shares , and living in the unit as a share holder of that company rather than a strata titled owner.

    My cousin said he is ok with whatever title, but just not sure if this 'compnay title' will still allow him to get the first home grant?

    checked OSR websites and cant find the answer.

    Pls help me if you knw the answer!

    thanks very much !!


    cici

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 11, 2009 - 12:07 pm

    Hi cici

    There is no drama in your cousin claiming the first home owners grant when purchasing a Company Title however the issue maybe the loan amount any lender will advance against such Title.

    Normally most lenders cap the loan to valuation at around 75-80% so they will need to fund the balance of deposit.

    Richard Taylor | Australia's leading private lender

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