Hello All[
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Just looking for some information on the first home owners grant (fhog). Basically on the legal side of it for example I understand that you have to move in within 12 months of purchase but if there are any legal requirements on for how long you have to reside there before you can rent it out again. I am looking at build my IP portfolio up but things like this could hold it up.[]I am looking at purchasing a unit eairly next year when the bubble slightly decreases(fingers crossed) with current 6mnth tenats then move in for as long as the laws need before purchasing another property and leaving the unit to rentSecondly, any good real estate agents on the gold coast especially internet linked showrooms!
Thirdly, is there any documents(law or otherwise) outlining the costs involved in the purchase of homes. To explain all the extra costs and if they are able to be added into the loan Eg things like loan insurance, inspections, solicitors fees etc.
Thanks for all your help[
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I admire all of you that have got past your first home purchase hurdle.I have a FHOG question .
Can you purhase a investment property ( first property purchase ever) and then purchase your first home at a later date and still be entitled to the FHOG?Uncivilised,
The answer is yes.
Paulee,
There are no minimum times specified but I have heard that when they audit they are asking for 3 months proof of residence.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon.. When you apply for the FHOG It asks whether you or your partner have ever owned residential property in Australia. So how can you have an investment property and still be able to apply? Rocket[?]
Rocket,
The legislation reads as follows:
Eligibility for the Original $7000 Grant
You must first satisfy all the requirements below:This is the first time you or your spouse/ de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory of Australia.
You and your spouse/de facto have not owned before 1 July 2000 a residential property, jointly, separately or with some other person, in any State or Territory of Australia.
You and your spouse/de facto have not owned on/after 1 July 2000 a residential property and occupied that property (other than the property to which your application relates) jointly, separately or with some other person in any State or Territory of Australia.
Each applicant is a natural person and not a company or trust.
Each applicant for the grant must be at least 16 years of age. The Chief Commissioner may allow an exemption from this requirement if satisfied the home will be occupied as the applicant’s principal place of residence and the application does not form part of a scheme to circumvent eligibility or entitlement requirements.
At least one applicant is a permanent resident or Australian citizen.
At least one applicant will occupy the home as their principal place of residence within 12 months of settlement or construction.
You have entered a contract for the purchase of a home on/after 1 July 2000 or signed a contract to build a home on/after 1 July 2000. In the case of an owner-builder, you commenced laying foundations on/after 1 July 2000.
Hope this helps,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon,
Looks like if you bought an investment property after 2000 and did not live in it you can still get the grant, Is that correct?
Rocket
Thanks Simon,
Looks like if you bought an investment property after 2000 and did not live in it you can still get the grant, Is that correct?
Rocketim curious too, does anyone know the answer to this and does it also mean that if i do, one day decide to live in one of my IP and i had no properties purchased or in my name before 1 July 2000,
am i still or the people in the same situation as me, can we still claim the $7000 FHOG ?
cheers
s.i.sRocket – that is what the legislation says.
Still in School – I have included the relevant legislation in a thread above. You would need to reside in a property within 12 months of purchase to qualify for the FHOG.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Mortgage Hunter
cheers
s.i.sPaulee Hi,
Try http://www.onsitedirect.net. They are at Surfers.
Phone 55794100.We are in NSW and have just sold a property through them at Coomera. We found them to be efficient and helpful. They deal with genuine investors so there is minimal interruption to tenants. Our property was listed less than 2 weeks. Their brochure says ‘the largest real estate exhibition centre on the Gold Coast’.
Anna
thanks annaw2,
we have been in and seen these guys before as every time we frive by on a friday all there staff are cracking oper bottles of champas. That was a good sign of success.
Anyway went in today and talked to them. Most of the tennants are on 12 to 18mth lease options which unfortunately doesen’t work in with the fhog. This has however helped me in the direction that I will have to travell. Buy a unit and rent it out for 6 mths then move in for 6mnths for the fhog then buy another property and rent the unit.
Thanks again.[
]Just a question further on the FHOG.
I’ve bought a vancant land but it’s vacant as it is. Let’s say if end of next year i start building, as in having the plan n all drawn up and the builder commencing work and the house finished in let’s say mid 2005. Provided the FHOG is still on then, can i claim the 7000? could i claim any extra for a vacant land as well or is it just 7000 for both the house n land?
when does one apply for the grant? upon the completion of the house and when u move in? or during construction? I notice that u have to show 3 months so i presume u would have to have settled into that house before claiming?
Kev
oh sorry, when exactly in the above situation does my 12 months of purchase start? from the purchase of land or construction date or completion date?
motivstorm.
I have found a good site which relates to us. It supplies links to all states and goes as far as the legislations.
go to http://www.firsthome.gov.au…hope this helps
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]I am looking at purchasing a unit eairly next year when the bubble slightly decreases(fingers crossed) with current 6mnth tenats then move in for as long as the laws need before purchasing another property and leaving the unit to rent
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