Hi all,
It's been a while since I have been here. It's nice to see the same familiar posters are still out there doing their bit. Hope you are all well.
I have a question that I have had put to me.
Can you buy an investment property first and still have access to the First Home Owners Grant?
I'm thinking no but happy for your thoughts and suggestions on where to look if I need to research further.
Take care all.
Mikal
You would need to check the relevant SRO in your state for eligibility requirements Mikal, however I would hazard to say the answer is yes.
I know in Victoria as long as the investment property was bought after July 2000 and is solely an investment property (i.e. never lived in by the title holder), then they are eligible for future FHOG. There is a clause to that nature in the eligibility requirements here and as the eligibility requirements are pretty much standard across the states I would say it applies to wherever you are from.
However check with your SRO to make sure.
Cheers
Tom
Thanks Tom.
I just called RevenueSA and they have confirmed what you just said. You are still eligible for the FHOG if the Investment Property is bought post 1st July 2000 and is not lived in for more than 6 months.
You learn something new everyday.
Cheers.
Mikal
For those in WA playing along you are still entitled to the FHOG if you have IPs as long as you have never lived in any of them and you (or your live in partner) never purchased your own home before.
Please confirm by calling the FHOG Helpline on 08 9262 1299.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Same as FMS said in NSW.
Mikal, when I bought my first properties, and again during the GFC, I found some legal ways to get extra deductions are really get ahead.
As Colin (and perhaps others) said, call the FHOG Hotline, call the Stampduty Offices or Tax office. Totally recommend calling those authorities and getting info directly from them. You may find legal loopholes. Often what the majority of people say on the street is based on other people on the street, not those in the know.
Ask in this forum, and call the authorities to make sure your right. Consider using procedures to record the conversations or take good notes as well to back you up later.
Best of luck
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
adriannqld wrote:Often what the majority of people say on the street is based on other people on the street, not those in the know.Excellent advice and can verify from personal experience that most people have half the facts which often makes what they say not true
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Agree with the others – not usually an issue providing you haven't lived in any one of the IPs.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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