I noticed that on the very useful JAFFASOFT EVALUATION CALCULATOR it has a space to add the FHOG. I know this question has been asked before but how can you use the FHOG to buy a rental? There must be a way.EG you move into the house yourself for a while? Or can you lease the house for 6 months before you have to move into it?
If your FIRST HOME PURCHASE is an investment property then you miss out on the FHOG. That seems a bit unfair just for being enterprising.
Can someone help please or refer me to earlier answers to this question.John Bond
You have to live in the house for 6 consecutive months within 12 months of purchase. This means you can rent it out for 364 days and move in on day 365.
You will only be entitled to the FHOG and Stamp Duty concessions if you do this otheriwse you will have to pay it back or risk being prosecuted.
Robert Bou-Hamdan
Mortgage AdviserJust to add a bit to what the Mortgage Advisor has said.
The continuous 6months has to commence within 12 months of completion.
From the QLD OSR website:-
All applicants who enter into an eligible transaction on or after 1 January 2004 must occupy the home as their principal place of residence within 1 year of completion of the eligible transaction and remain in continuous occupation for a period of at least 6 monthsAnd it may pay to be aware of the exact “completed” definition i.e.”entitled to possession”, not necessarily contract date or settlement date,in the definitions schedule to the act.
The legislation
http://www.legislation.qld.gov.au/LEGISLTN/CURRENT/F/FirstHomOwnA00.pdfThe State revenue site in QLD
http://www.osr.qld.gov.au/gas/fhog/index.htmCheers
Links to all States…
Robert Bou-Hamdan
Mortgage Adviser
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