I was recently disheartened to find that one is not eligible for the FHOG if they buy their first property for investment purposes. Does anyone know of (Or even do it themselves!!) someone who went “against the grain”, buying their first property as an investment, thus deeming themselves ineligible for the one-off payment and stamp-duty exemption? Did they regret the decision or are they happy with their investment?
Hi Spanky
You may still be eligible for the FHOG,
http://www.firsthome.gov.au/Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Spanky,
Here are the requirements for the FHOG……
Eligibility requirements
FHOGS is available to people buying or building their first home and who meet the following eligibility criteria:1. Each applicant is a natural person and not a company or trust
2. At least one applicant is a permanent resident or Australian citizen
3. Each applicant must be at least 16 years of age
4. All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000
5. All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia
6. Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000
7. This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory
8. At least one applicant will occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the home.
Criteria 5 to me suggests that you can own an investment property and still be eligible for the FHOG, as long as you haven’t lived in it. This is my interpretation of the criteria, and as i’m in the same boat as you i hope i am correct as i already have an IP and plan to buy my own home next year.
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