I am trying to set up my first wrap deal in NSW. The wrapee was to use the $7,000 FHOG + 1,000 of his own as his deposit, have hit a snag though, two different people at the Office of State Revenue have told me that the first home owner must be able to prove that they have personally paid $7,000 into the deposit before they receive the $7,000 FHOG in NSW??? Does anybody have any experiance with this, that can help me through this as the wrapee doesn’t have $7,000 to put towards the deposit[confused2]
Thanks
DNA
Well, he or she is going to have to find / borrow / steal it! Alternatively, you could give them the 7 Gs yourself…
Cheers, F.[cowboy2]Hi DNA
So far we have sold 5 homes using vendor finance Instalment contracts, i.e. Wraps. All in NSW. Two of the 5 received the FHOG. One couple paid us a $3,000 deposit and the other couple paid $1,000.
I’d suggest you have a chat with Tony Cordato. I believe he should be able to give you the correct info.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I would ask the OSR staff to send a copy of the information they are referring to… Maybe the NSW OSR have recently changed policy… Either way you’ll know the true situation…
Or if you want to waste time try having a look around on the part of their web site that relates to the FHOG…
Cheers,
GregIt seems that some govt departments can have internal guidelines which the public are not aware of. I don’t know how you can get around these. You had better talk to your solicitor.
Terryw
Discover Home Loans
Mortgage Broker
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
Thank you all for your replies. Over the last 2 days the wrapee has been busy trying to get approval for a personal loan for $7,000 and won’t know untill Tuesday if he was sucessful, if so then we then the FHOG will go to him so he can pay back the personal loan ASAP.
Paul I will talk to Tony though, maybe he knows a way around it.
Thanks again all,
DNA
Do ring Tony Cordato as he does indeed know how you can resolve this problem.
Also, I agree with Terry these departments might have internal policy – it will always be written down and just because they do not publicly announce it does not mean they will not send you a copy if you ask nicely.
For example the Vic FHOG application includes a list of of Id you need to supply. My purchaser had lost his wallet and did not have the necessary ID listed on that form. On request the SRO sent me a long detailed list of items they accept, which don’t appear on the FHOG form.
Cheers,
GregThanks Greg
Will ring Tony either today or tomorrow.Cheers
DNA
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