CAN ANYONE ADVICE ME ON FHOG ON WRAP PROPERTIES AND IF YOU CAN WRAP WHEN YOU HAVE A LOAN ON THAT PROPERTY? I SEEM TO BE GETTING THE WRONG ADVICE AND NEED TO BE GUIDED IN THE RIGHT DIRECTION.
I think it depends on the state you are in. eg. I have wrapped (installment contract) in VIC 3 times, with the wrappees getting access to the FHOG immediately at settlement (or soon after), even tho the property was in my name, and I had a loan on it. This was about 3 years ago now, so things may have changed.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry,
Things are still the same……
As soon as the person can prove they are living there ( with a copy of utils bill ) they can get FHOG……
( this is for VIC )
You may know the cost of everything…. but what about the value ????
Things in Qld are different to what Terry & Scott have mentioned about Vic.
In fact in Qld the rules changed again on Sept 1 04.
Which State are you referring to.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
The property is in Victoria. Does anyone know of lenders that will allow a wrap put on a property they are lending for?!
T
none! Well almost anyway, there are a few small non bank lenders willing to do it. Also some local bank managers of major banks will allow wrap loans (possibly against their own bank’s polices).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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