First Homebuyers grant

Viewing 4 posts - 1 through 4 (of 4 total)

ugez009
Member
@ugez009
Join Date: 2006
Post Count: 16
July 12, 2006 - 11:26 am
Can you help me?
I am buying my first investment property and i have never owned an property before so i can take First Homebuyers grant.
My simple understanding is that i have to live in the flat for 6 months then i can move out and start renting out. Is this correct. Actually I dont want to live there.
Is there anyways around this. eg. could i rent out for cash to someone, not through agent. anyone got around this. if you do not want to post here sent me a pm.
Christian
Josh-Prestigeloans
Member
@josh-prestigeloans
Join Date: 2006
Post Count: 62
July 12, 2006 - 11:35 am
ugez009,
Guidelines for FHOG is that you occupy the property for 12months however technically 6months is satisfactory. I have been told that the way they check to make sure your residing at the address is through the power bill.
I will not make comment about how to get around the minimum term as you can be fined and incur a jail sentence if you are not adhering to the rules.
Joshua McEwen
Finance Broker – WA
http://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett Christie
crusher
Participant
@crusher
Join Date: 2002
Post Count: 186
July 12, 2006 - 12:26 pm
Hi Christian,
Rules are different for each state- Go and check out the FHO grant links on my website for more information.
Regards
Todd Burns
http://www.freepropertyhelp.com.au
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
July 12, 2006 - 9:11 pm
The requirement is that you live in the property for 6 months starting within the first 12 months.
I don’t know where the other two posters got their info from as this is what the legislation states.
There are ways to cheat the system but it is fraudulent and criminal to do so. Many people are caught.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.