Hi
If i purchased a unit in Qld for investment purposes, and did not want to physically move in to it, but was prepared to pay all that i had to (loan,power,etc for the six mouths needed to take advantage of the F.H.G. Is this legal or do you have to physically move in.Hi lemzip
This might help:
First Home Owner Grant – General Information
An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home.If you need further infor check out the OSR website in your State or alternatively http://www.firsthome.gov.au/
I think it boils down to the work “occupied”
Cheers Richard
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Hi lemzip,
Things don’t always work out as planned. Apparently if you have a good reason for not moving in (eg new job, family issues, moved somewhere else) and you write and let them know they don’t reclaim the grant. At least this was the case two and a half years ago. Ring and ask them and they’ll let you know.
Anne.
You are suggesting he ring now because he wants to buy a place and plans on having a good reason not to occupy it?
Applying for the FHOG with no intention of occupying the property is fraud. It is illegal.
By all means buy the IP but save the FHOG for purchasing your home.
Simon Macks
Residential and Commercial Finance 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.
last I checked, must live in it for 6 months, hey you could have a reno done in that time
Simon’s right. Its only a relevant interest that counts. If you don’t move into it, then it should be OK. I wouldn’t intentionally be defrauding the govt. Would hate to get an audit. Apparently they’ll ask ou to show proof like send in copies of drivers licence, change in electoral roll, utility bills…etc..
On another note, anyone have any thoughts/guesses as to when the govt will stop that FHOG hand out? It surely can’t last forever.
My brother bought a unit in brisbane which has 3 months of the lease to run. He intended to move into it, but got transferred to sydney with work. He was okay. My sister bought a unit, similar siutation, 4 months lease to run. She has an accident and needed live at home for a few months. She also got away with it.
These were both legit circumstances though. They both intended on moving in when they signed the contracts
Matt R (Gold Coast)
Mortgage Hunter
So if you buy/build an IP and have never owned a house before this are you still able to obtain the FHOG?
What about if you buy 5 IP’s then a PPOR could you then claim the FHOG?
Regards
RegrowYou are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
Originally posted by Regrow:Mortgage Hunter
So if you buy/build an IP and have never owned a house before this are you still able to obtain the FHOG?
What about if you buy 5 IP’s then a PPOR could you then claim the FHOG?
Regards
RegrowYou are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
As long as you didn’t own property prior to Jun 2000 and have never lived in one of your IPs then you can own a 100 IP’s and still claim the FHOG when you buy your home.
Cheers,
Simon Macks
Residential and Commercial Finance 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.
Here in Victoria an incredible number of grants have been repaid, with interest and other costs. Checking with neighbours, gas & electricity companies etc have been used – not just to see whether the services are connected and you are living in the new house, but also to see whether they have been disconnected & you have moved out of the old place.
Can’t find the link, sorry, but the warning is clear. Beware.
F.[cowboy2]hi all
not wanting to be the bug in the ointment but I think this needs to be answer by an accountant or tax person because as far As I know the first home owners scheme is exactly that your first home and in applying for it you must not have owned any property before and that includes if you are a partner in a purchase.
I stand corrected if wrong put if right the tax dept have very deep pockets and usually like to skin people.
As for living in the property I’m going to a meeting tommorrw and will get the amount of time.here to help
Grossrealisation,
You are a bit wrong. In Jun 2000 an amendmnent was passed allowing IP ownership from that date.
Basically it is as I described in my earlier post.
Please go to my website under FHOG and follow the link to your state body where you will see it in black and white.
By all means ring your accountant but he will be reading from the same legislation.
You have raised a very valid point about a spouse or de facto partner. If they have owned a home – even if their ex spouse owned a home and they occupied it too – then you won’t be eligible.
Cheers,
Simon Macks
Residential and Commercial Finance 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.
I was under the same impression as Simon re: The IP’s being ok and you can still get your FHOG.
Not that I can ever claim it[glum2]
On a Positive note though our property prices all jumped when FHOG was introduced [exhappy]
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