All Topics / Help Needed! / urgent!..buying before rural vic FHOB ends?

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of xchnxchn
    Member
    @xchn
    Join Date: 2012
    Post Count: 3
    hi all i'm new here and under the pump as i just found out the $19,500 rural vic FHOB/boost ends on june 30!!.. aargh!!.. in case you hadn't guessed i'm considering making a 'dash for the line' to buy land and try and take advantage.. neeed to have stumps in ground by that date to apply though.. i realise it's a bit tight but i believe where there's a will there's a way so positive feeback is preferred as i understand a lot of the risks.. have a shortlist and those agents/vendors can settle straight away without waiting 30 days so its getting plans thru council that'll be the test..

    ..i am in a slightly unique position with 60k capital ready to go but i am unemployed so extra finance is almost out of the question as i have nothing to borrow against, and would like to use the downtime in my career to a) be hands-on with my build and b) use my current situation to take advantage of no land tax/concessional stamp duty/and other tax breaks for low income earners..

    i originally had dreams of doing it all off my own bat with my 60k nest egg, making it my PPOR, selling after 12 months at not too much of a gain to avoid excess CGT (which would be less being unemployed) and get my portfolio going from there.. had allowed about 30k for land and 30k for a cheap bespoke build (as i have a lot of salvaged/re-purposed building materials already), but land at that price is generally out yonder and very low growth so am thinking i should spend 40k on land and make the remaining 20k stetch a bit further..

    wondering if there's any go-getters out there who believe the FHOB/Boost goal can be achieved and if anyone knows of any residential blocks (R1 to avoid the need for planning permit) in rural vic?…

    thanks

    Profile photo of gibbo1gibbo1
    Participant
    @gibbo1
    Join Date: 2008
    Post Count: 152

    Hi,

    If it is your PPOR then you want plenty of capital gain as you wont pay any CGT on it.

    Regards

    Gibbo

    Profile photo of xchnxchn
    Member
    @xchn
    Join Date: 2012
    Post Count: 3

    yeah i know thats why i want to use my current situation to my advantage.. use this first one to make some gain then get into positive cash flow ventures..

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Could be that prices rise before this ends as everyone rushes in. Be careful

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    Terryw wrote:
    Could be that prices rise before this ends as everyone rushes in. Be careful

    Similar thing happened in NSW towards the end of last year. Particularly in the lower end of the market.

    Cheers

    jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TaylorChangTaylorChang
    Participant
    @scha9799
    Join Date: 2009
    Post Count: 234

    don't rush !

    make sure you 100% comfortable when you put your money down.

    just like above mentioned, similar thing happened in NSW last year.

    TaylorChang | Finance Broker
    Email Me | Phone Me

    Home loan | Commercial loan | 0414 691 517

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