Has anyone been able to get the home grant in Qld when wrapping properties?
Do you have to wait for a year to receive the grant or is it the discretion of the Gov’t?
Robert,
I haven’t wrapped yet, but am about to. My research located a practice direction under the hand of the Office of State Revenue, Qld. Govt. (www.osr.qld.gov.au). It related to the applicability of the FHOG and instalment contracts. It, essentially, states that the contract must have been on foot for a year; either $7,000 or 10% of the purchase price (whichever is the greater) must have been paid off; the purchaser must still be residing in the property as the principle place of residence; and the purchaser is not in default under the contract which would entitle the vendor to cancel the contract, before the grant is paid. Interest and deposit and any extra amounts can be considered when calculating the amount that has been paid off the purchase price.
The website has the form for application to receive the FHOG. On it there is provision for it to be paid to a party other than the applicants.
Cheers. I hope this helps.
Mark Sprenger
Thanks for the info Mark.
If you have to wait a year in QLD to get the FHOG. It makes
it less attractive to do wraps in QLD.I agree Robert. It does put a dint in the old Cash on cash return, initially. However, if one can find people who have most of the deposit when you buy, are prevented by banks from gaining finance, and are a good risk for you it may be good to do the deal.
Cheers
Mark
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