All Topics / Opinionated! / Which states disqualify investors from FHOG?
Until a few days ago, I was under the illusion that my son (Qld resident, currently buying his first IP in WA) can buy any number of investment properties, and still qualify for FHOG when he decides to buy and move into his PPOR in Qld.
Then 2 new pieces of information unsettled me:
1. Our Settlement Agent in WA told me, emphatically, that the WA govt does a title search on all new purchases, and if my son’s name has ever appeared on any title deed on any property anywhere in Australia, he is automatically disqualified from the FHOG.2. When I checked this with a Victorian mortgage broker, she told me that the FHOG situation for investors is different in each state. For example, in Victoria, the WA situation described by the WA settlement agent also applied in Vic until the Vic govt changed the law a year or two ago (ie., it used to disqualify investors, and now APPARENTLY allows FHOG to be paid).
Three questions:
1. My 20 year old son is a Qld resident buying his first ever property in WA (its an IP, not PPOR). Will this disqualify him from FHOG when he wants to buy his PPOR in Qld (ie., what is the Qld situation?)
2. Is the WA settlement agent correct?
3. Is the Victorian mortgage broker right?Cheers
Greg FThe FHOG is a Federal initiative administered by states. The ‘disqualification’ comes in if your son has ever lived in that home..
Mortgage Hunter’s website has all the links for all states…
Cheers
MelThis was posted twice.
Please read the earlier thread at
https://www.propertyinvesting.com/forum/topic/11348.html
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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