FOHG for multiple units

Viewing 6 posts - 1 through 6 (of 6 total)

Marvin
Participant
@marvin
Join Date: 2003
Post Count: 24
April 25, 2005 - 10:39 am
My girlfriend and I have still got our First Owners Home Grant, and we’re wondering how we can use it for investment purposes.
Is it possible to build a multiple unit development, live in one of the units and rent the others out? Kinda like a triplex and rent 2 out, for example.
Also, I heard that you cannot combine your FOHG together for one place. What if it was for multiple units like the above examples. And it we use one FOHG for each unit?
Hope you can help me clear this up, thanks.
Cheers,
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
tribe_of_dan
Participant
@tribe_of_dan
Join Date: 2004
Post Count: 22
April 26, 2005 - 12:23 am
Hi Marvin,
This link may be of assistance to you.
http://www.osr.qld.gov.au/gas/fhog/index.htm
Dan Lewis
tribe_of_dan
Participant
@tribe_of_dan
Join Date: 2004
Post Count: 22
April 26, 2005 - 12:24 am
Or this…
http://www.firsthome.gov.au/
Dan Lewis
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 26, 2005 - 2:17 am
You can only get the FHOG once for one proeprty. If there are mulitple units on different titles, then you will only get it on one of the purchases. Your girl friend should be able to get it on one of the others, but you must buy separately to each other.
Terryw
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Marvin
Participant
@marvin
Join Date: 2003
Post Count: 24
April 26, 2005 - 11:20 am
First of all, thank you for the links. I’ve gone and read through them.
So technically, I can use my FHOG and get a house/unit and live in there with my girlfriend for 12 months. Then use her FHOG and get another place, then move there together, and rent out the initial house/unit that I bought.
So long as we applied for the FHOG as individuals, it shouldn’t void our partner’s FHOG if they were staying with us right? I did’t quite get that clearly from the websites provided.
Cheers!
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
buzzwells
Participant
@buzzwells
Join Date: 2005
Post Count: 83
April 27, 2005 - 9:54 am
And so long as the government keeps the scheme going in a year or two. This scheme may not be around forever.
Though I do like your way of thinking!
What if you purchased a block of units that are under the one title. I wonder if you could use the FOHG to help fund the purchase, then after 12 months, strata the block, or subdivide it into different seperate titles…
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