Can anybody advise me if the first home owners grant is available if you joint purchase a property? I’m thinking of helping my 19 year start in property investing and was considering a 50-50 purchase with hopefully him being able to access the first home owners grant? He has a good deposit but trying to keep his first mortgage down to a responsible low balance to begin with to keep him from being despondent from a large weekly contribution?.
Ollie
Email MeIf one of the purchasers is ineligible for the grant that makes both parties ineligible. But if you’re looking for an investment property for him to be co-borrower it’s a bit of a moot point as he wouldn’t get the FHOG for an investment property.
There would be other ways to help your son whilst allowing him to still be eligible for the grant for a principal place of residence but he (and you) needs to be comfortable with making a ‘large weekly contribution’.
I”m making some assumptions here, but if he’s going to be deterred from owing a bit of money to the bank and meeting those commitments then maybe now is not the right time for him to get into investing. At the end of the day he needs to be comfortable with it as you wont be there to hold his hand all the way through his life. Perhaps look for a place with a lower entry price than a first purchase that comes with a sizeable mortgage then build from there.
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
Email Me | Phone MeMortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
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