Forums / Property Investing / Help Needed! / How can I keep both FHOGs?

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  • Profile photo of echelon6echelon6
    Member
    @echelon6
    Join Date: 2009
    Post Count: 19

    My partner and I want to buy our very first IPs

    We originally planned to buy separately so we could capture both FHOGs, but individually, on our average salaries (50k each) we could only borrow around 250k each

    If we borrow jointly however, we could borrow up to 600k to 700k between us. I guess it's just how banks' debt serviceabilty calculators work.

    Anyway, borrowing jointly means we need to buy jointly right? So only one of our FHOGs could be used.

    Is there a way we can borrow more and keep our FHOGs? I'm thinking of maximising our LVRs but we can afford to pay a higher deposit (as low as 80% LVR is achievable)

    The plan is to get 2 IPs into our portfolios as soon as possible (I'm aware that I need to live in them for the first 6 months, which I plan to do).

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    You may also want to check out the rules of the FHOG as if you purchase and use your FHOG your partner will not be elligble.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of echelon6echelon6
    Member
    @echelon6
    Join Date: 2009
    Post Count: 19

    Hi Richard

    Yes I understand the rules, my partner and I are not married – we're not anything on paper.

    Profile photo of sonyasalsonyasal
    Member
    @sonyasal
    Join Date: 2008
    Post Count: 421

    sorry to be impertinent, but do you live together? If so, you may still not be eligible for two FHOG as you may be considered to be in  a defacto relationship and therefore considered a couple.

    it may be worthwhile making inquiries to the relevant administrator of FHOG. If however, you don't live together, then you would probably be able to get the two FHOG

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