If I buy and IP with my girlfriend would the lender look at us in the same light (in terms of chances of getting loan) if my name was on the loan and she was guarantor instead of both our names on the loan.
(I don't know if this would work), Then when it comes time to buy our PPOR, we can buy it in her name and I can be guarantor and she can claim the FHOG. This idea seems so radical that it might work.
Chris.
I'm pretty sure that it doesn't matter whose name is on the mortgage loan, rather whose name is on the actual 'title' of the property. I was able to get the FHOG after my previous partner had already received it on the same property! that was because my name wasn't on the 'title' only the mortgage loan
Buying an IP does not stop you from getting the FHOG at a later time when you buy a home.
Thanks for your reply Shel,
So could I arrange for this sort of thing(but with title on property) so for my name to be on the IP(only) and then with the PPOR her name only and she can then claim the FHOG????
Chris.
shel25 wrote:I'm pretty sure that it doesn't matter whose name is on the mortgage loan, rather whose name is on the actual 'title' of the property. I was able to get the FHOG after my previous partner had already received it on the same property! that was because my name wasn't on the 'title' only the mortgage loanYou both got the FHOG on the same property?
Mortgage Hunter wrote:Buying an IP does not stop you from getting the FHOG at a later time when you buy a home.This is confusing. I've been thinking the other way.
Ok, situation time;
I buy an IP with my partner(both names on title of prop and loan), we dont get FHOG(as IP).
Later we buy PPOR, with both names(blah,blah), do we get the FHOG??Does it matter in the end(about names on titles) if we are going to get the FHOG anyway??
Thanks fr your help Simon,
Chris.As long as you don't live in the IP you can still get it later. This changed in 2000 but many people still don't know.
Cheers,
That might work, but it would be hard to get a lender to allow a thrid party to guarantee the loan unless that person is a spouse or a defacto – and if that was the case she may not be able to qualify for the FHOG as you only get one FHOG per couple.
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
Mortgage Hunter wrote:As long as you don't live in the IP you can still get it later. This changed in 2000 but many people still don't know.Really??, thats my good news for today. Thank you very much Simon.
P.S. Just an after thought, when the FHOG was introduced the prices of properties were much lower, as a result the FHOG made up a greater % of the purchase price(and much more of the deposit), now that prices are higher the FHOG is making less of an impact on the help it gives to first home buyers. Do you reckon they will jump the FHOG up to meet the increased level of purchase prices of properties.
Chris.
No, I don't believe so. But they don't tell me much.
Yes it is certainly true, we both got the FHOG for the exact same property. My name wasn't originally on the 'title' only the mortgage, so when i bought my ex partner out, my name had never been down as owning any property, therefore i received the Grant! Was very suprised but happy about this! I would suggest put the titles in separate names and then you can both get the FHOG, however i don't think this would apply if you're considered 'defacto'. Hm.,
So there was two transactions involved.
If the other person was your ex partner and you had lived together for more than 12 months then you have claimed it fraudulently. This might get picked up in an audit. I hope you can convince them it was an error and not deliberate fraud.
Cheers,
No, I thought it sounded dodgy but they said i had an entitlement if i was buying him out and signed an agreement that i would never have any financial involvement w/ him again, totally legit! Geez, I was totally stoked when i found out i qualified, for sure. i guess not being in a r/ship with him helped, and not having my name on the title,,,.. It wouldn' work say if my current bf tried to get the FHOG, even if my name WASN'T on the title, because we are in a relationship and i have already received it, if that makes sense..
I guess it depends on each persons situation.So you didn't live with him in this house when he got the grant?
who asked to sign that agreement?
This is all new to me and I appreciate your story. I just worry to much about people getting into strife!
That's right, we weren't living together originally when he got it. Revenue SA helped me get everything sorted and told me what to do
I also saw a solicitor about it. They were very helpful!Sounds like you were able to make the system work as it should!
Well done mate
hi; could someone please tell me what FHOG stands for. thanks, jack.
First Home Owners Grant
Hi guys,
Do you know if a person who has owned investment properties prior to 2000 (so doesnt qualify for the grant )
can claim the grant through their wifes name(just married in 2007) when buying a ppor in her name?I was under the understanding that once one of the partners has had property before 2000 it cancels out the grant fully.
any one know?
best regards
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
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