All Topics / General Property / New home buyer

Viewing 6 posts - 1 through 6 (of 6 total)
  • zanesmith
    Participant
    @zanesmith
    Join Date: 2020
    Post Count: 0

    Hi all

    So wife says a house for us b4 investing so im almost locked in a new build $410k after fhb rebates and my deposit of $20k im at a loan of $375k so question 1 when the new incentives of an extra $45k kick in do i add it to the loan or question 2 the extra $45k for Wa and Fhb should i use that as a deposit on another home for the mother inlaw maybe a unit about $200k-$240k max and let her pay it off over 15yrs.

    As this could start our investments

    Thanks guys

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 284

    Good Day Zane,

     

    almost? haha, has she compared options if your not happy with that strategy?

    Firstly to confirm your talking about the FHOG? *(First home owners grants & HOMEBUILDER SCHEME

    https://www.wa.gov.au/organisation/department-of-finance/fhog

     

    https://treasury.gov.au/coronavirus/homebuilder

     

    So from my understanding previous incentives get paid when the build/purchase goes ahead and you wouldn’t be able to use for another property as they are usually part of the purchase (without refinancing as they usually paid directly to the builder, lender, etc)

     

    but as per the Treasury Fact sheet states

    “It is expected that the relevant State or Territory Revenue Office will distribute the $25,000 grant directly to
    the applicant.”

     

     

    Have you created criteria for your first investment property? do you understand what yeild/risk of areas etc?

    Lots of really in depth valuable content on this site.

     

    Wish you all the best *(all above in general & does not take account of your situation)

     

    • This reply was modified 2 weeks, 5 days ago by Profile photo of Jaxon Jaxon. Reason: UPDATE

    Jaxon | Jaxon Avery – Financial Adviser
    http://www.jpafinancialservices.com.au
    Email Me | Phone Me

    JPA Financial Services Pty Ltd

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Jaxon

    So from my understanding previous incentives get paid when the build/purchase goes ahead and you wouldn’t be able to use for another property as they are usually part of the purchase

    No that is incorect there is no requirement to have the Grant payable to the Builder/Lender you can certainly have it paid to you personally and use it on another property.

    Cheers

     

    Yours in Finance

     

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

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 284

    “It is expected that the relevant State or Territory Revenue Office will distribute the $25,000 grant directly to
    the applicant.”

    Jaxon | Jaxon Avery – Financial Adviser
    http://www.jpafinancialservices.com.au
    Email Me | Phone Me

    JPA Financial Services Pty Ltd

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Precisely….. so can be used for the next purchase if required.

    Cheers

     

    Yours in Finance

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

    100% Investment Finance now available on selected properties. Email us for further information.

    zanesmith
    Participant
    @zanesmith
    Join Date: 2020
    Post Count: 0

    Food for thoughts guys thankyou

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