FHOG - Question (newbie) - PropertyInvesting.com

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NICKS
Member
@nicks
Join Date: 2003
Post Count: 3
June 22, 2003 - 9:22 am
Hi Guys
I am currently living in a rented place(in VIC), hoping to buy my own home very shortly. However, I am on a 12 month lease, and its still only half way (6 months)
The question I have is, if I buy a property, rent it for about 6 months, and then move in (at the end of my tenancy) will I be eligible for the FHOG of 7k ? The rule states that in order to claim the FHOG we have to move into this property within 12 months of settlement.
rgds
Nick
scott
Member
@scott
Join Date: 2003
Post Count: 110
June 22, 2003 - 9:43 am
hi Nick
The answer in short is YES, as long as you move in within 12 months you can claim the FHOG.[8D]
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
davidfemia
Member
@davidfemia
Join Date: 2003
Post Count: 89
June 22, 2003 - 10:14 am
Hello Everyone,
Scott hit the nail on the head with this question.
They generally seem to be more concerned with wether or not you have owned a home before.
The legislation is a little ambigious. No specific time is stipulated, in regards to how long you will need to reside in the property.
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.au
scott
Member
@scott
Join Date: 2003
Post Count: 110
June 23, 2003 - 9:20 am
Thats right , but and it’s a huge BUT!!!
Even if your name has been on the title of a property previously you can still get the grant!
WHAT I hear everyone say, if your name has been on a title you’ve owned a home, and your not eligable for the grant!
Well thats not necesarily true. I’m still trying to find out exact detials for Soosh but it goes something like this;
If you buy a home with your partner in both your names and the relationship subsequently falls
apart, so long as you transfer title into your ex’s name (ie; they take over the property), and can show that you gained nothing from the ownership of the property, you are intitled to still claim the grant.
This situation occured with friends of mine, but I’m stiil trying to track down the girl who managed to get the grant, to find out exactly how it was done, so stay tuned when I have all the details I will make a post detailing everything.
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon