All Topics / Help Needed! / HELP NEEDED FOR A NEW COMER
HI EVERYONE,
CURRENTLY MY WIFE AND I ARE RENTERS AND ARE ELIGIBLE FOR THE FIRST HOME BUYERS GRANT. WE ARE VERY KEEN TO GET INTO THE RESIDENTAL PROPERTY MARKET(WE CURRENTLY HAVE ONE COMMERIAL PROPERTY).
MY QUESTION IS –
IS IT WORTH GIVING UP THE GRANT(CURRENTLY $12K IN VIC) TO START INVESTING OR DO YOU BUY AND LIVE IN A PROPERTY FOR THE REQUIRED 12 MONTHS, OR IS THERE A CREATIVE WAY OF HAVING YOUR CAKE AND EATING IT TOO.
ANY ADVISE WOULD BE MUCH APPRECIATED
THANKS GLENN[hair2]Do a search on FHOG on this site, there has been quite bit written about it. I think from memory that you have to live in it for 12 months and have to move in within 6 months or it coudl be the other way around, but have read of what has been written on this topic previously.
Regards
PKHi Glenn,
Providing you have not purchased a property before the 1St July 2000, you will be eligible to purchase an investment property, and still apply for the FHOG when you purchase your owner occupied property.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
You don’t give up the FHOG by buying an IP – merely postpone it until you buy a home.
To qualify you need to occupy the home within the first 12 months then live in it for a six month period.
more info at:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
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.
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