Hi everyone,
just a quick question if I may:
I am currently eligible for the FHOG but am considering puchasing an IP in NZ before I purchase a PPOR in Victoria. If I go ahead and purchase an IP that is overseas does this affect my FHOG eligibility? And am I correct in my understanding that if I buy an IP in Australia that this won’t affect my eligibility?
Some clarification is needed and would be greatly appreciated!
Thanks in advance.
Ali G
Hi Ali,
Recommend you log onto Simon’s website – it has the links to various State sites.
http://www.mortgagehuner.com.au
Failing getting a clear answer there it may be necessary to phone the relevant givernment department.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks for your quick reply Derek.
Just for anyone else who is interested in looking at Simon’s website, the correct address is http://www.mortgagehunter.com.au Just a small typo Derek… [happy]
Does anyone know this off the top of their head?
Cheers,
Ali G
G’day.
Sorry, I’m new here, if I’m breaching any protocols please slap me on the wrists.
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63391&_dad=portal&_schema=OSRPTLT
That’s a link to the OSR website. It only mentions properties bought in Australia, so you should be OK, I would have thought.
Cheers
This is more an issue of ethics/morals….
If you don’t tell they won’t know……
BUT – Will that sit OK with you ???
To be frank it sounds like you don’t really need it, if you can afford to buy an IP in NZ….. but…. it’s your call…..
Cheers
You may know the cost of everything…. but what about the value ????
Originally posted by Pelicaninvestments:This is more an issue of ethics/morals….
If you don’t tell they won’t know……
BUT – Will that sit OK with you ???
To be frank it sounds like you don’t really need it, if you can afford to buy an IP in NZ….. but…. it’s your call…..
Cheers
You may know the cost of everything…. but what about the value ????
Fair point, you’re quesioning the adherence to the intent of the law, right? The conditions are quite specific about having owned residential property in Australia; not commercial property, and not properties outside Australia. Had they intended to, I’m sure they could have specified that applicants must not have owned any property anywhere.
Furthermore, in reference to “you don’t need it”, the grant is not means tested, so I don’t think that this comment is faithful to the spirit of the law. Again, OSR could have made it means tested if they wanted to.
Cheers
Originally posted by Pelicaninvestments:This is more an issue of ethics/morals….
If you don’t tell they won’t know……
BUT – Will that sit OK with you ???
To be frank it sounds like you don’t really need it, if you can afford to buy an IP in NZ….. but…. it’s your call…..
Cheers
You may know the cost of everything…. but what about the value ????
So you’re saying that someone who is well off shouldn’t apply for the FHOG or it would be unethical or immoral of them? Sorry to say this but I totally disagree and think that’s a load of crap. A lot of people didn’t get their money handed to them on a plate.. most people work hard for it. Saying that this grant is just for the ‘people doing it tough… the Aussie Battler’ just annoys me to bits.. I think Aussies are taking this Aussie Battler tag too far. When will people get off their arses and make an effort and stop blaming everyone else but themselves for the position that they are in?[grrr]
*Takes a deep breath and drinks a glass of water* lol
Thanks everyone for your input – it is all appreciated.
I will follow up on that link Andy, thanks.
So Pelican, have they no way of finding out that I own an IP in NZ (say I end up purchasing one)? I would prefer to abide by the law at all times, but by all means, if there is a ‘legal loophole’ I would use it. As for my perceived need – yes I do need it. I am a full time student (emphasis there on FULL TIME – very much so) and hold down a number of jobs just to make ends meet for most of the year. When it comes to buying a PPOR I will certainly be relying on the FHOG to get me over the line.
Thanks again for your replies.
Cheers,
Ali G
As far as I am aware there is no problem with owning property outside of Australia.
Just call your relevant state office to confirm.
They are all listed at:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments 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.
I visited your site and the SRO site for my state and can not find any information about an overseas IP affecting my eligibility. I will call the local office to confirm though, as suggested.
Cheers,
Ali G
I only advised my site as it has the different state offices listed for you to check.
This is the elegibility criterion:
ARE YOU ELIGIBLE?
To be eligible to receive the FHOG, the following eligibility criteria must be satisfied:
Each applicant and their partner must not have received a grant under a First Home Owner Grant Act 2000, in any State or Territory of Australia;
Each applicant and their partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000 , in any State or Territory of Australia;
Each applicant and their partner must not have owned and occupied a residential property, either jointly, separately or with some other person on or after 1 July 2000, in any State or Territory of Australia;
Each applicant must be a natural person (not a company);
So if you don’t own property in Australia then it should be quite clear that you are still eligible on this grounds at least.
I would call to check,
Kind regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Sorry Simon,
I did not express myself very clearly in my previous post. What I was trying to say was that I read through the information on your site and used the links to my state’s SRO website, and after reading most of the information there I was still unable to find anything that states that an overseas IP affects FHOG eligibility.
Sorry to make you go to the extra effort of pasting material into this thread when I had read it anyway… Oh, got the guilts now… [sad] Thanks for taking the time to follow up.
I will endeavour to articulate my posts more clearly in the future…!! [blush2]
Cheers,
Ali G
Originally posted by NEWGEN:Originally posted by Pelicaninvestments:This is more an issue of ethics/morals….
If you don’t tell they won’t know……
BUT – Will that sit OK with you ???
To be frank it sounds like you don’t really need it, if you can afford to buy an IP in NZ….. but…. it’s your call…..
Cheers
You may know the cost of everything…. but what about the value ????
So you’re saying that someone who is well off shouldn’t apply for the FHOG or it would be unethical or immoral of them? Sorry to say this but I totally disagree and think that’s a load of crap. A lot of people didn’t get their money handed to them on a plate.. most people work hard for it. Saying that this grant is just for the ‘people doing it tough… the Aussie Battler’ just annoys me to bits.. I think Aussies are taking this Aussie Battler tag too far. When will people get off their arses and make an effort and stop blaming everyone else but themselves for the position that they are in?[grrr]
*Takes a deep breath and drinks a glass of water* lol
NEWGEN – Get a life will ya [argue]
This is nothing to do with poor ol battlers….. Ali G can do as he pleases…..
The law states one thing….
I was talking about the INTENT OF the FHOG…. It is provided to assist people who want to own their first home RIGHT ??
Now Ali G here posts saying he wants to buy an investment property overseas, then use the FHOG to buy a house in Australia….
Gee NEWGEN – Ali G MUST be a battler…. [huh]
May I suggest you and Andy go out and get your eyes tested…. Where did I mention that it’s unethical ???
I merely stated that the only issue with doing What ALI wants to do, is not a legal one, but a personal moral or ethical issue….
Personally I dont give a toss what he or anyone else does in this situation… it’s none of my bizz……. There is a loophole, which can never really be plugged, so, good on him…. It is his choice… no matter what….
Why don’t you get down off your soapbox, and, re-read the posts here…..
You may know the cost of everything…. but what about the value ????
How about you re-read your post.. then re-read mine.. then grow up a tad?
Thank you
I just contacted the Victorian SRO and they confirmed that yes, you can own an IP in NZ and it won’t affect FHOG eligibility.
Good news!! Time to get investing… [biggrin]
Thanks to everyone for their help.
Newgen and Pelican, time to kiss and make up!! Didn’t want my post to initiate an argument… [blink]
Cheers,
Ali G
Great to hear the good news, congratulations [king] [thumbsupanim]
Yeah it’s pretty exciting really. Just trying to organise a pre-approval so I can go shopping!! [biggrin]
On my way to my first IP… hooray!!! I really can’t tell all of you just how much being on this site has given me the courage to just go ahead and do it! Thanks everyone!
Cheers,
A very happy Ali G [biggrin]
Originally posted by NEWGEN:How about you re-read your post.. then re-read mine.. then grow up a tad?
Thank you
As I said… get a life….. When you finish high school, let me know…..
Originally posted by Ali G:Yeah it’s pretty exciting really. Just trying to organise a pre-approval so I can go shopping!! [biggrin]
On my way to my first IP… hooray!!! I really can’t tell all of you just how much being on this site has given me the courage to just go ahead and do it! Thanks everyone!
Cheers,
A very happy Ali G [biggrin]
Ali G,
Congrats on making a start…. Creative thinking such as what you have done here, is a good way of getting ahead of the game…..
When you DO look at property in NZ, hope you do your homework, and, get away from the hype out there about it…..
Cheers & Great start [cap]
You may know the cost of everything…. but what about the value ????
You must be logged in to reply to this topic. If you don't have an account, you can register here.
