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  • Profile photo of glenn mcauliffeglenn mcauliffe
    Member
    @glenn-mcauliffe
    Join Date: 2004
    Post Count: 3

    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]

    Profile photo of PurpleKissPurpleKiss
    Participant
    @purplekiss
    Join Date: 2003
    Post Count: 580

    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
    PK

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi 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
    VICTORIA

    PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    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 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Viewing 4 posts - 1 through 4 (of 4 total)

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