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Hi all
Very informative info about the FHOG. Just another variable to throw into the equation which has me confused about my eligibility – i went halves in a property in 2002 and received the grant with the intention to move in within the 1st 12 months. Sure enough, circumstances changed and we broke the rules by never moving in and were rightly forced to repay the $7K plus interest.
I havent bought another property since. The fact that i had repaid the grant originally received leads me to believe that i would still be eligible next time around ?????
If anyone could share their opinion it would be appreciated.Thanks for the advice Richard, although doing the sums might have to wait as my income start to improve as serviceability would be an issue to do both
A couple of questions for anyone out there;1) After June 30 2009, is it to be assumed that FHOG will revert back to $7K.
2) i Can see with some of the initial hype that prices may steady and/or rise in the immediate futue but do people think i will 'miss the boat' in terms of next boom if i have to wait 12-24 months before being able to take the plunge on first PPOR ?
3) In terms of the Investment property i hold, i had to repay the $7K grant in 2003 as i got the grant with intention to move in within 12 months but was poorly informed and my circumstances changed so never moved in. The fact i had to repay grant back then and have not bought since, would i be entitled to grant next time around ?
I was close to buying in Moranbah 6 months ago but being very new to the investing game and never had bought in a mining town, i was sceptical about buying in such a rural area.
Seeing those sort of price rises in 12 months hurts a bit for not biting the bullet.
Can anyone with experience investing in mining towns or those against it share, their views on what some of my fears would have been in regards to what happens when the mining boom slows and demand is not there ??
If prices have gone up like that in 12 months have i missed the boat ?
RegardsMatt
I dont have any idea of the SA markets, but does anyone have an opinion on Mt Barker
I have seen the term buyers agents a few times on this forum. What exactly to do they do and at what cost ? From what i have gathered so far it sounds like something i would like to explore. Where does one go to find a buyers agent ?
Hi Richard
I thought that might have been the answer i wasnt looking for. I actually just got off the phone to my lender ING. I am currently on the Home Loan Saver (7.54%) product which they no longer offer.He did offer though to switch me to their Mortgage Simplifier product at a slightly lower 7.4% with no fees and charges. When i told him that i was considering changing lenders i was told that they would waive the product sitching fee.
Based on your answer about Mortgage Insurance i think i might just go with the free switch and get the small saving per month. Amazing what they can do just by ringing them.
Does this sound like the best thing for me to do
Cheers
Thanks for your help Simon.
From memory the fine was $1400 plus the $7K to pay back. We did write a letter explaining our circumstances (the friend who i bought with was going to occupy the property until his circumstances changed with a relationship / birth of his child).The ‘punt’ we took was naively listening to someone who said there were ways of getting around it such as having mail diverted,etc.
We accepted the decision as we were stupid to listen to the first piece of advice we wanted to hear.
