hi all ,
i just spoke to a mortgage broker who says " if i buy an investment property before my PPOR i loose my FHOG forever and i cant claim it when i buy the PPOR in future" i checked on the state revenue website but it doesnt say any thing about this . does any one know if it is correct ?
pls advice
thanks
harryHi Harry
I don't think that is correct. I
n NSW:
All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000.
All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months
http://www.osr.nsw.gov.au/benefits/first_home/general/eligibility/
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
sorry i forgot to mention iam in VIC but iam guessing it doesnot make any difference but unsure
When you download the form it does say something like if you have owned a residential property, even if you have not lived in it, you will not be able to get the grant.
It would be different say, if you've owned commercial property.
Might be worth giving it a go in any event; they can only say no?
Iam sure it says FIRST HOME OWNERS GRANT. i did ask my accountant he said no you can't get it if you own a home but have rented this out. he done some research and now he says yes you can possibly get it because the other property's are investments and now you want your first home you are going to live in.
Hi There
I currently own one investment property which i bought only 6 months ago…and have never lived in
I am currently applying to get the FHOG.
It states that if you own any residential property before 2000 you wont get it, but after 2000 is ok ASLONG as you have not occupied the property.
Go to the website and read again. It states that you may own porperty as long as you have not lived in it, Its a First home grant, ie living in it. I have checked with my broker also
If im wrong im about to run into a heap of trouble hahahttp://www.sro.vic.gov.au/sro/SROWebsite.nsf/rebates_fhog.htm#3
3. Are you eligible to receive the grant?
To be eligible to receive the grant, the following criteria must be satisfied:
- You and your spouse/partner must not have received a grant in any State or Territory of Australia.
- You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia
- You and your spouse/partner must not have occupied for a continuous period of at least 6 months, a residential property in which either of you acquired a relevant interest on or after 1 July 2000 in any State or Territory of Australia.
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
yes iam eligible for the grant. i wanted to have a IP before PPOR thats why i want to be well informed abt this
paul – would u mind keeping me updated on how it goes for u .thanks much
thanks everyone for the advicedoes anyone know if the FHOG can be cashed in if the property gets fully financed …
meaning if i get a loan for the full sales price can i ask to get the 14k paid to me personally…i'd like to buy and have a back up in cash as well …or do they require this money to be used for the property …i could pay my interest from it
Ynotnow wrote:does anyone know if the FHOG can be cashed in if the property gets fully financed …
meaning if i get a loan for the full sales price can i ask to get the 14k paid to me personally…i'd like to buy and have a back up in cash as well …or do they require this money to be used for the property …i could pay my interest from it
yep.
FHOG is paid to you not matter how much you borrow
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
thanks Terry …
thats great !! altough i do find it unusual, that the government doesnt put any restrictions on how the money is used ….then again the baby bonus has supposedly supported heaps of companies, that sell plasma tv's and noone has ever questioned that …
iam happy to be able to get the grant paid out and use it for another deposit or cover outgoings
so let me get this right
in 96 my mum bought a house but put my name on the deed.
but because i have not lived in the residence since 99 i could get the FHOG?
but my name is on the deed?
but i can prove i have lived over seas since!hmmmmm
would be great to get another property or a property as my own (to live in when i am home), seen as this is my mums house, not mine!!!
HMMMMMMMMMMMMMMJMF wrote:so let me get this rightin 96 my mum bought a house but put my name on the deed.
but because i have not lived in the residence since 99 i could get the FHOG?
but my name is on the deed?
but i can prove i have lived over seas since!hmmmmm
would be great to get another property or a property as my own (to live in when i am home), seen as this is my mums house, not mine!!!
HMMMMMMMMMMMMMMJMF
Look at the second point:
"You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia"You have jointly owned a property purchased in 1999. So I don't think you will qualify – but check with the OSR anyway, just in case.
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
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