Rang FHOGs office today to enquire on my first home owners grant progress.
Was told that unless you have a 30 year mortgage,as registered owner
you are not entitled to the grant -is this true?
Just to clarify was not A.T.O was FHOGs office themselves.
to quote them: IF you are the registered owner in the land titles office
you are not entitled to the FHOG unless you have a 30 year mortgage!
-yes I found this bizaar as well, hopefully a mistake, other wise it would be the banks and finance brokers as owners for 30 years, they would also then be liable for paying the rates too.
[biggrin]This sounds bizarre.
ATO is not involved with the FHOG.
You don’t need a mortgage at all to qualify.
I suspect someone has made a mistake here.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Maybe they told you that you needed to be on title?
No requirement for a mortgage. Your granny can give you a property and you would be entitled to the FHOG. ***Poor example here. you need to purchase the home. but no mortgage is required.***
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
OK thanks, thats good I need it to do repairs! and renovate!
Originally posted by Mortgage Hunter:Maybe they told you that you needed to be on title?
No requirement for a mortgage. Your grany can give you a property and you would be entitled to the FHOG.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Just to Clarify Simon’s Statement you would have to enter into a contract with your Granny to purchase the property for $7000 Minimum in order to qualify, and it may not be classed as an eligible purchase if it can be construed as gifting. No you don’t require a mortgage to qualify for the FHOG. It is generally handled by the Office of State Revenue in your state. Perhaps they were under the impression that as the majority of FHO’s have a 30year mortgage it was a requirement?
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Who is NOT eligible?
An applicant does not qualify for a grant if:
* They live in Australia on a long term visa; or
* The applicant is an incorporated body or a trustee or a company; or
* There is no payment to purchase the home, for example, if the home was inherited or gifted from another person.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
