G'day all…
We bought a block of land that we are just about to sign a contract to build on. Obviously we apply for our FHOG on signing a contract to build, but where is the money paid into? Is it paid into my mortgage account or into a bank account of my choice? Any help would be appreciated…. cheers
tuggerIt depends.
If you are financing the construction then your lender assuming they are an approved agent can lodge the FHOG for you and the funds will be paid to you after the first draw or you can lodge it yourself and nominate a bank account in which you want the OSR to pay into direct.
Richard Taylor | Australia's leading private lender
Good on you Richard thanks for the reply. My Wizard broker is putting the grant in for us so i'm assuming the money will go into the bank account in which we use to make our mortgage payments. Does that sound right? cheers
tuggerHard to comment as i dont now what he will do.
I now what we would do but cant comment for someone else.
Has he not given you a copy of the FHOG form with your details on it.
Richard Taylor | Australia's leading private lender
Also depends on how the building contract is structured ie if house + land package and you pay using progress payments. Typically if it is lodged through the bank FHOG is given when the slab is poured.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
