Can someone give me some advice re FHOG in QLD ?
When does it get paid to the wrappe? Do i have to wait a year?…Help from some seasoned QLD wrappers would greatly help!!
From memory, the FHOG is only payable in QLD after the wrappees have been in the house for 12 months. Richard 007 will correct me if I am wrong.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
WF
Terry is as always bang on. 2 other requirements are now required:
1) That the wrappee has repaid a total of 10% of the Installment Purchase Price including both principal & interest i.e installment price $200k repayment to a level of $20K required that is $1667 / month.
2) The wrappee signs a Statutory Declaration confirming that he / she is upto date and does not intend to terminate the contract.
The FHOG becomes payable the later of 1 year of 1) above and subject to 2) above.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Thanks Treey & Richard,
Is there any way around this ie to get access to the FHOG sooner. The FHOG rules must make wrapping not all that popular in QLD !WF
WF
Unfortunately there is no way of getting thew FHOG earlier.
It hasnt put me off wrapping.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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