Guys,
Searched, but can’t find answer to this.
1. Do you blow the federal first home buyers grant in Australia ($7000) when you purchase an Investment Property in NZ?
2. Also does anyone know if you will still be able to purchase your first property in NSW without paying the stamp duty once you own a property in NZ?
Thanks,
Darren
I have been wondering the same thing. From what I can see from what has been posted by people like Chan$ below it makes no difference as long as you have purchased after the 2000 date
can I buy an investment property in the mean time and still claim the FHOG or do I have to wait until settlement???I am pretty sure you can still buy IPs now. Once your PPOR is settle which is in October 2004 you still be able to claim your FHOG. When you buy your IPs you own the IPs but you never live in it therefore you still able to claim you FHOG.
Below is the question and answer from OSR FAQ:
Q: 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.
More informations as follows:
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63391&_dad=portal&_schema=OSRPTLT
or
Previous discussion topics:
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=7951&SearchTerms=FHOG
and
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=9062&SearchTerms=FHOG
As for the stamp duty I am unsure, and it appears there is still much confusion as to what it all means in the long run. I will be speaking to an accountant about both anyway as professional advice should always be sought on these sort of things.
Good luck.
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]
_____________________I know I can, I know I can
Hi,
FHOG & Aussie Property
As per Chans post, it seems that the only property that knocks out eligibility for the FHOG is Aussie Property.
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 (emphasis added) prior to 1 July 2000, whether they live in it or not.Re: stamp duty in NSW
Reviewing this document , is seems that owing offshore property does not imact your eligibility for stamp duty exemptions / concessions under the First Home Plus scheme.
From the NSW mini-budget:
Today I am pleased and proud to announce that the Carr Government will abolish stamp duty completely for almost all first homebuyers.There will be a complete exemption for homes costing up to $500,000, with the concession phasing out between $500,000 and $600,000.
So, it seems the landscape may be changing, so be sure to stay alert to changes as they happen.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Gramyre and Steve,
Thanks a lot for your replies. I really appreciate it. Sorry for the late response, I’ve just been reading all the details with the FHOG and the new First Home Owners Plus grant for exempt stamp duty for purchases.
Just for others who may read this. As a summary if you go out and buy IP’s anywhere right now, (but don’t live in them) it looks like you are still eligible for both of these schemes for a future purchase of your first ‘home’ (residential property that you own and live in) in NSW. The stamp duty exemption may change, as the wording is vague in the fact sheet and will be reviewed and legislated at a later date.
It’s not a bad deal. Say you bought a house to live in for around $300,000, you’d collectively save around $16,000 (FHOG $7000 + NSW Stamp Duty exemption $8990).
Eligibility for First Home Owners Grant (FHOG) – (NSW – similar for other states though too)
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63398&_dad=portal&_schema=OSRPTLTEligibility for First Home Owners Plus (NSW Only)
http://www.osr.nsw.gov.au/portal/page?_pageid=33,171539&_dad=portal&_schema=OSRPTLT
(Look for the Fact Sheet in PDF)Again though note the wording and you decide if what I have said above is correct. I may have read it incorrectly:
“You qualify for the scheme if at least one of the purchasers has never owned and occupied a residential property in any State or Territory within Australia.”Thanks,
Darren
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