FHBG and De Facto Relationships

Viewing 5 posts - 1 through 5 (of 5 total)

whitebait
Member
@whitebait
Join Date: 2008
Post Count: 6
July 6, 2009 - 6:41 am
I’m in NSW and I’m about to start building on my first home. It will be completed around March next year, and me and my girlfriend will live in it for 6 months.
My question has two components, namely:
Can she apply for a FHBG after this period? I’ve read conflicting scenarios (can’t have lived together for over 2 years, etc)
Can I buy another property before the 6 months is up, just as an IP? (and continue living in my FHBG home?)
Regards,
Alex
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 6, 2009 - 6:51 am
You will have to look at the legislation and how 'defacto' is defined for the first question.
2nd, question is easy – they don't care what happens after you buy the first, as long as you continue living there for the first 6 months.
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 6, 2009 - 8:21 am
I was curious so looked up the legislation myself (its too cold to do anything else atm)
Firstly, the FHOG Act, http://www.austlii.edu.au/au/legis/nsw/consol_act/fhoga2000250/s6.html
this says it adopts the definition of the 'spouse' as in the Property (Relationships) Act: http://www.austlii.edu.au/au/legis/nsw/consol_act/pa1984298/s4.html
have a read, the definition is very broad and can include any couple living together that are not related by family.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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julito
Member
@julito
Join Date: 2009
Post Count: 15
July 7, 2009 - 3:09 am
I am interested to know about this too,
does it help if the first home title is fully under my name?.
Thanks.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 7, 2009 - 8:49 am
Hi Julito
I think Terry link gives you the answer to that one.
With regards to the other question Alex raised there is nothing to stop you purchasing another property as an investment whilst your principal place of residence is being constructed.
You will probably find accessing the available equity in the property during construction is a bit harder than normal until the dwelling has been completed so structuring the loan correctly is important.
Richard Taylor | Australia's leading private lender