All Topics / Help Needed! / FHOG based on the borrower or title holder?

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of alexander777alexander777
    Participant
    @alexander777
    Join Date: 2009
    Post Count: 2
    April 2, 2009 - 11:30 am

    Hi everyone!

    1. Is the decision to grant a FHOG based on

    a) the person/s named on the Home Loan Contract

    or

    b) the person/s named on the Ownership Title

    2. If there are 2 people on a Home loan Contract.. do both names have to be on the title?

    3. If 1 of the 2 people is a guarantor.. does the guarantor have any effect on the application for FHOG?

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 2, 2009 - 1:01 pm

    based on the title. Can't usually have other people on the loan unless on title, one exception is spouse – married and defacto. Guarantors should have no effect on the grant.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 2, 2009 - 1:23 pm

    Following on from what Terry has stated if you are in a defacto relationship you are not able to obtain the FHOG by placing 1 party on the Title and have 2 of you on the loan if the other party has already received the Grant. 

    Richard Taylor | Australia's leading private lender

    Profile photo of alexander777alexander777
    Participant
    @alexander777
    Join Date: 2009
    Post Count: 2
    April 2, 2009 - 2:37 pm

    Thanks for the replies.

    Think it might be easier if i state my intentions.

    I am entitled to FHOG
    Friend is not – owned a home… but has never received FHOG

    We are not and never have been de facto

    Friend goes guarantor for loan
    Only myself on the title

    It sounds simple enough but these things never are.

    So does a guarantor have to be on the title?

    Thanks again.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 3, 2009 - 12:11 am

    Friend cannot go on the Title so would want to be a very good friend to Guarantee your loan.

    Question is as only a friend would any lender allow the Guarantee….i am doubting it.

    Richard Taylor | Australia's leading private lender

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