FHOG / Trust

Viewing 10 posts - 1 through 10 (of 10 total)

MarkyMark
Member
@markymark
Join Date: 2003
Post Count: 132
January 6, 2004 - 5:52 am
Hi,
I am eligible for the FHOG. So I am thinking of buying my first property as my PPOR so that I can get the grant. I know that the property will become an investment property at a later stage. I was wondering if I could buy the property under a trust structure and still be eligible for the FHOG.
The trust does not have a corporate trustee, but will at a latter stage. Or should I buy the property in my name and then further IP’s in the trust as planned. I’m just thinking ahead when the property does become an IP it will be separate from the trust. Any one have any ideas?
Thanks
Still in School
Member
@still-in-school
Join Date: 2003
Post Count: 1,844
January 6, 2004 - 6:08 am
Hi MarkyMark,
Sorry mate, trusts are not eligible for the FHOG.
cheers,
s.i.s
“People 4 get that by saving just $3 aday & investing it sensibly over a working life, you’ll end up wit around $1 million.”
MarkyMark
Member
@markymark
Join Date: 2003
Post Count: 132
January 6, 2004 - 6:21 am
Hi still_in_school,
I thought that this was the case. Just thought I would put it out there. Thanks for your reply. I suppose the first one will be in my name.
Still in School
Member
@still-in-school
Join Date: 2003
Post Count: 1,844
January 6, 2004 - 6:37 am
Hi MarkyMark,
One good thing about the FHOG, is if you have had no interest in property before July 2000, you are eligible for a FHOG, unless, if you have… your are not eligible at all,
But lets say you have purchased any number of IP after July 2000, yet not one ever being a PPOR, you are still qualifed for FHOG.
Just a little loop.
cheers,
s.i.s
“People 4 get that by saving just $3 aday & investing it sensibly over a working life, you’ll end up wit around $1 million.”
MarkyMark
Member
@markymark
Join Date: 2003
Post Count: 132
January 6, 2004 - 6:56 am
Hi still_in_school,
This comes as a surprise. Where did you source this information from?
I only ask as the below suggests other wise (source http://www.firsthome.gov.au)

Neither the applicant nor their spouse (or de facto) must have owned and occupied a home after 1 July 2000.
Unless the wording “owned AND occupied” as apposed to “owned AND/OR occupied” is the loop.
But how can you be sure?
Thanks
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
January 6, 2004 - 7:10 am
Mark, I think the clue is ‘home’, but it’s true.
Do a search for a post by Mortgage Hunter on this topic. He actually lists the legislation.
Cheers
Mel
Still in School
Member
@still-in-school
Join Date: 2003
Post Count: 1,844
January 6, 2004 - 7:16 am
Hi MarkyMark,
Melbear is right, but hence the word First Home Owners Grant.
cheers,
s.i.s
“People 4 get that by saving just $3 aday & investing it sensibly over a working life, you’ll end up wit around $1 million.”
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
January 6, 2004 - 10:39 am
It is true mate.
You can buy any number of Ips post July 2000 and still get the FHOG when you buy your home.
Owned and occupied is the legislation.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
MarkyMark
Member
@markymark
Join Date: 2003
Post Count: 132
January 6, 2004 - 11:34 pm
Thanks allot everyone for all your help. This actually comes as good news for my situation.
Kind regards.
MarkyMark
Member
@markymark
Join Date: 2003
Post Count: 132
January 7, 2004 - 12:09 am
Thanks allot everyone for all your help. This actually comes as good news for my situation.
Kind regards.