Hi – first time here but have browsed through most of the topics concerning FHOG. But I have a query that I hope someone can help shed light on.
My girlfriend and I have been living together for approx 6 months – apparently we're not a "legal" de facto couple in QLD yet, because we havent lived together for 2 years. I've received FHOG previously but she hasnt. I earn 100k but she's currently not working (study).
We want to be able to obtain the FHOG for her by purchasing the property under her name, but have me making the repayments.
Q. Would a lender approve finance for this type of arrangement? If so how? (ie. me as 100% guarantor or something?)
I'm pretty certain she could get the FHOG if she's the only applicant (and sole name on the title) in light of our current living arrangement. I'm just not sure about how to arrange the finance to allow her to still qualify.
Any feedback would be great!
Cheers.That would be a no.
Its called fraud.
Banks would laugh at the suggestion.G'day Russco,
Unless the FHOG Act has changed recently, it is a lawful application. Just delay getting engaged for a while.
Just remember that the OSR also has it's own guidelines and legislaiton in relation to the applicable transaction duties.
Banks would no laugh. If they laugh, walk out the door laughing and give your money to another lender.
Best of luck.
Lenders will generally allow spouses to be jointly on a loan with only one on title. Spouse includes married and defacto. But you will be saving one thing to the lender and another to the Office of State Revenue.
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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