Hi,
Im nearly 22yrs old with a baby due in 10wks
, my partner has a house (not paid off) and is wanting to move, my income is $37,500 and his is approx $45,000, i was wondering what would be the best move in getting a new house without having to use my first home buyers grant but still have the house in mine and his name? is that possible? i want to keep it my FHBG for when we get our first investment property. I don't know very much at all about buying or selling property so please use simple language hehe
regards,
KatHI Kat
Welcome to the forum and I hope you enjoy your time with us.
Regretfully you wont qualify for the FHOG as your partner has already purchased a property and therefore this disqualifies you.
The new property you purchase can be in Joint names as it will have no bearing on the eligibilty.
Lastly the First Home Owners Grant is only for owner occupation and not available when you purchase an investment property.
Richard Taylor | Australia's leading private lender
Hi Richard,
Thats disapointing
thankyou for your advise though.Hi Kat,
What does your partner intend to do with his existing house? Will he rent it out and will the rent cover the costs associated with holding the property? Perhaps you can retain that property and rent somewhere else, where you want to live. Also if he does keep the property make sure that you the loans structured properly, ie having it as an Investment Only loan and having an off-set account against the loan to reduce interest payments as much as possible, whilst not 'locking' these extra payments in. Then when you have enough money for a deposit you can use the money from the offset account as a deposit. I hope this makes sense and good luck with your new baby. having a baby is probably the most amazing experience you will ever have
Cheers
Sonya
Sonya,
Renting it out wouldn't cover much as most rental properties in our area only ask for 200-250wkly, the property was bought for $220,000 2yrs ago and he has been told it isn't worth much more. We have actually put a deposit down for land with a 30day cooling off period so we can organise what we are doing with his place
as we have already got a pre-approved loan.
Thankyou very much for that information it was very helpful,.If you change the existing loan to interest only repayments will take make keeping it more viable? Also don't forget to include depreciation costs into your calculations
Hi Maree,
I have not thought of that it might work but what is depreciation costs ?
, my partner has a house (not paid off) and is wanting to move, my income is $37,500 and his is approx $45,000, i was wondering what would be the best move in getting a new house without having to use my first home buyers grant but still have the house in mine and his name? is that possible? i want to keep it my FHBG for when we get our first investment property. I don't know very much at all about buying or selling property so please use simple language hehe
thankyou for your advise though.
as we have already got a pre-approved loan.
.
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