Does buying IP stop me from FHOG?

Viewing 6 posts - 1 through 6 (of 6 total)

skidaveski
Member
@skidaveski
Join Date: 2003
Post Count: 8
February 4, 2004 - 12:45 pm
Hi all,
I’m currently renting and have never actually owned a property. I am thinking of starting off by buying IP. Now I realise I don’t get FHOG for these, but when I come round to purchasing a property that I will live, am I still entitled to the FHOG at that point?
Cheers!
BEAR1964
Participant
@bear1964
Join Date: 2003
Post Count: 702
February 4, 2004 - 12:48 pm
If i understand it correctly if its not your PPOR but a property u plan to rent out then i understand u are still eligable, but might pay to ring the people that offer the grant.
Regards Bear
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Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
February 4, 2004 - 12:50 pm
As long as you never occupy the IP you will be OK.
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.
lea
Member
@lea
Join Date: 2004
Post Count: 26
February 5, 2004 - 12:29 am
Originally posted by skidaveski:
I am thinking of starting off by buying IP. Now I realise I don’t get FHOG for these, but when I come round to purchasing a property that I will live, am I still entitled to the FHOG at that point?
Cheers!
Honestly, I would check with your local Revenue dept. In South Australia, the FHOG application front page questions ask (among other things:
“Are you a person who has NEVER owned a residential property?”
“Are you a person who has never owned and lived in residential property?”
“Do you intend to live in the home as your principal place of residence within 12 months of settlement date or completion of construction?”
There are six questions on the front page in total – and you MUST answer yes to all six in order to receive the FHOG in SA.
Of course, if you live elsewhere in Aus, then ignore this!
Lea
Remember: This post is just my ‘two cents’ and should not be construed as legal, financial, investment, taxation or even general advice in any way. Always seek independent advice pertinent to your OWN situation before jumping into the deep end.
MarkyMark
Member
@markymark
Join Date: 2003
Post Count: 132
February 5, 2004 - 2:09 am
Hi skidaveski,
I checked this with the FHOG authorities in NSW and I found that one is eligible for the FHOG if all previous purchases have been investment properties and the person passes all of the other details that they require.
However, I would send your own email to them and get a reply from them. Then you have it in writing. This may not be needed but you should not take anyone’s word for it, unless it’s from the correct authorities themselves.
I don’t know what your situation is. Maybe you could use the FHOG live in the property for the legal amount of time and then rent it out. Can’t remember the details now. Check out this site,
http://www.firsthome.gov.au
Regards,
MarkyMark
As mentioned make sure you run this by a properly qualified person. Dont take my word for it.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
February 5, 2004 - 2:33 am
MarkyMark has a site which gives the guidelines of the legislation.
Lea you are nearly right:
“Are you a person who has NEVER owned a residential property?” PRIOR TO 1 JULY 2000
Note my amendment in capitals.
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.