Hi all!!
I brought a house in QLD and i got the FHBG. I was told by lots of people that i have to occupy the house as i got the grant.
Yesterday i got the offical letter from the QLD goverment and it said the following.:
“Please be advised that under section 22 (2) of the Act, it is a condition of this payment that should the applicant/s for any reason not occupy the home as their principle place of residence within 1 year .. they must give written notice and repay the $7000 Grant”
Now if thats true i can rent out the house legally for 364 days and then move in on the last day to occup the house… thats exactly how the letter reads to me and 2 other people…
I want to rent it out thats the idea, but i dont want to break any laws, as well. I know i have the FHMB, but this letter seems really as if its legal and ok to rent it out, anyone that knows about the QLD fhbg and renting out when you got the grant id love your advice… i need to arrange a lot before the settlement thats soon.
Cheers
Hey Rach,
That is my understanding of the FHOG. You have a year to move into your new place of residence and then must live there for atleast 6 months to keep your FHOG. It is exactly what I am going to do, it would be stupid to let the FHOG pass us by so use it while you can and exploit it to your benifit because it’s all legal.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Thanks Jacob,
It would be daft to let that grant go, and since it appears legal, to the best of our knowledge we are not breaking laws, and while getting our foot in the door
of real estate.Let me know how you go with your house, i was so scared when i signed my contract you know investment and commitment and that!
But it will be ok, the repayments i can handle
Where are you getting your house? and when?
[biggrin]
Hey Rach,
That’s awesome, and yes daft it would be indeed.
Congrats on your purchase and hope it works out for the best.
Are you in QLD since you bought in QLD or just worked out that way?I should be buying in Sydney, NSW and should be ready to enter the market for a residential property end of 2005 or start of 2006 (that is my short term stance on things).
Don’t forget about the First Home Owner Plus Scheme that provides exemptions on transfer duty and mortgage duty on homes valued up to $500,000. Check the following as it is a down the line fact sheet outlining everything:
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/fhb_factsheet.pdf
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
I don’t really know what just happened there but if you have read the above, I guess the QLD Office of State Revenue would be a better site to check for concessions relating to your property: http://www.osr.qld.gov.au/
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Jacob is correct – you can rent the property for 364 days then move in for 6 months.
This loophole was designed so that people buying homes already tenanted could honour the lease yet still move in at the end.
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.
Thanks again for that link… i found the consession section: http://www.osr.qld.gov.au/taxes/duties/transfer_concession_home_buyers.htm
I have read it and gathered i can get a consession on the transfer fee, is this correct, i am just so overwhelmed by all this at the moment. I appreciate all of your support and knowledge, and hope to pass it on to someone one day when i also know more [biggrin]
My house was in the category “Up to $250,000” trust me id not afford a house that expensive just at the moment!!
But its in that category *yay*So am i entiteled to “Basic concessional duty for all home buyers” ??? = $2,500 ??
and then ” Less additional rebate for first home buyers” $2,500 ?
I guess im not sure what that document is saying though ive read it a few times he he.. my heads all numbers and contracts! [blush2]
Rach <—- *blonde* [baaa] (today)
It is amazing how many professionals don’t fully understand the FHOG. Whether you can own an IP, the time frames, the qualifying conditions etc
Well done mate!
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.
Thank you so much, that boosts my confidence, its nice to have a group like this. – Rach x[cap]
Yeah you should be eligible for the first home owners grant, pay no transfer duty, and pay no mortgage duty.
Anyway I’m sure it will all work out in your favour, after all you have purchased and have tenants moving in, what more could you ask for aye?
Good luck and all the best!
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
How would i go about paying no transfer duty, and paying no mortgage duty? Do i need to talk to my lawyer or conveyancor? How does that work?[blink]
Your best bet would be to be in touch with OSR and find out from them exactly what the course of action should be. Usually it is sorted with the lender when purchasing, so you might like to try them first as they should also know.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Ta will do.. hope its not to late! i want to get every concession i can get! *evil grins* [cap]
hi Psychiatrist
just a couple of question
how did you get your lend for this property as they would be the first port of call for these rebates.
you don’t have to answer the next question but why qld if your in sa for the first investment it is good that you have invested and and any start is a good start for me just wondering your reasoning on investing first out of your state it is a lttle unusual.
For qld info send a pm to qld007 hes a broker up there and will be able to help a lot better then me.
It is my understanding that to purchase in qld you must use a qld solisitor and he /she would be the third port of call.
hope this helps.
And spi we will get you into that first property yet.here to help
Agree with sending a PM to QLD007..he’s been helpful to me..
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