All Topics / Help Needed! / FHOG eligability question

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  • Profile photo of matt_decatmatt_decat
    Participant
    @matt_decat
    Join Date: 2010
    Post Count: 21

    hi all,

    i have been floating the idea of using the FHOG to myself which made me look into areas which i would be interested in buying. the biggest problem for me is that i am still a student so I cannot afford to buy block of land in inner suburban areas (generally speaking). This then raised the question of whether the FHOG can be used on an apartment.

    ?

    I realise that if the apartment is already built then I would only receive the $3000 (or however much it is). So what is the criteria for receiving the $20,000 grant? Can the apartment be half way through the building stage?

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

    Hi Matt

    The First Home Owners Grant is a Federally funded Grant adminstered by the individual States.

    It is $7000 in all States however certain States provide an added bonus to compensate for you having to pay Stamp Duty (In states where there is No FTB Exemption) or to encourage construction.

    You would not receive the Grant on a blocj of land alone.

    If the property is under construction and you are buying it as a completed package then the Grant will be available on Settlement. Should you be constructing on the land then the Grant maybe available at the time of the first drawing.

    As i say it is administered by each State so for absolute clarification check with the OSR in Vic.

    Cheers

    Yours in Finance

    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 matt_decatmatt_decat
    Participant
    @matt_decat
    Join Date: 2010
    Post Count: 21

    just another quick one, as i currently own an investment property that was built in the last 12 months.  when the tennant does deicide to move out at some point in the next year or so, am i then able to claim the FHOG if i then live in the house for a 6 month period, despite the fact that the state government's grant is no longer available?

Viewing 3 posts - 1 through 3 (of 3 total)

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