I currently have NO property (living with parents). I am looking at purchase an investment unit. If i go ahead with the investment unit will this mean that I will be ineligable for the First Home Owners grant when I buy my first home in a few years??
Can anyone advise? [withstupid]Thanks
[specool]Nope.
If you live in the property as your home in the first 12 months you can get it.
If you don’t live in it at all you can still get it when you buy your home.
If you live in the IP after 12 months then you lose the entitlement.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon Macks!
It was a bit confusing- I read the Office of State revenues “FHOG scheme” factsheet, and they stated that you are ELIGABLE if:
” You and/or your spouse have not owned a residential property jointly, separately in any state etc.”
There is no mention of ownership of property for Investment purposes only, with regards to in-eligability for the FHOG.
I plan to buy the investment alone and NEVER live in it. (its in a different state), and my partner and I want to buy our 1st home shortly and claim the FHOG.
I wanted to be sure that I dont loose the FHOG as it is not really fair to him.
I have emailed this question to the Office of State revenue, but they have not answered my question.
Do you know of any legal online reference that quotes that “If you have a property ONLY for investment purposes that you are still elligable for the FGOG” ??
I appreciate your comments.
Thanks.[thumbsup2]Go to my website and follow the fhog links to the OSR.
That covers it.
Call me and I will show you how it works.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon,
Thanks.
I finally found something written on the OSR site in the FAQ section:
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63440&_dad=portal&_schema=OSRPTLTQ: I have owned an investment home previously. Can I still be eligible for the grant?
A person is not eligible if they or their spouse (including de facto spouse) has had a relevant interest in any residential property in Australia prior to 1 July 2000, whether they live in it or not.
However, a person may be eligible if they or their spouse (including de facto spouse) has only ever had a relevant interest in any residential property in Australia on or after 1 July 2000 and they have not resided in that property.
SO therefor, as the Investment purchase would be after July 2000, i could still claim the FHOG later on my primary residence. (WOO HOO!!)
Thanks Simon, you have been most helpful.
Your webpage is also very good.Kind Regards,
Lauren
[strum]That’s right!!
Thanks
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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