All Topics / Help Needed! / FHOG – Eligibility

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  • Profile photo of youngpropertyyoungproperty
    Member
    @youngproperty
    Join Date: 2010
    Post Count: 6
    October 25, 2010 - 3:21 am

    Hi All

    I was reading the NSW Office of State Revenue site and noticed the 'Frequently Asked Questions' page mentioned if you own an investment property after 1 July 2000 and do not reside in it for a period of 6 months, you are still eligible for the FHOG.

    Does this mean I would be able to purchase an investment property now (with no intention of living in it at all) – Then purchase a home in approx 3-4 years time and claim the FHOG?  Has anyone else done this? 

    I'm unsure whether it is a smart idea – it may just be easier to claim the FHOG now, instead of worrying that it may not be available in 3-4 years time.

    Also, is someone able to explain the benefits of your PPOR?  Would this be a smart idea for my first investment property?

    Thanks!

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    October 25, 2010 - 3:26 am

    Technically yes, if you buying residential investment properties which you do not live in it should not affect your ability to claim the FHBG at some later stage (I know of at least one case where the person has bought several development sites but not a single dwelling and was eligible when the time came for their own home).

    Practically, do you want to run the risk of purchasing your home in 2 or 3 years time when the grant may no longer be available or have been reduced or the stamp duty concessions removed?

    Profile photo of Ben KBen K
    Participant
    @ben-k
    Join Date: 2010
    Post Count: 103
    October 25, 2010 - 3:38 am

    I also have a question regarding the FHOG if i may,

    Is it possible to use the first home owners grant for my self and then my partner? i dont want to misuse the system or anything i simply dont know how it works as we did not have this in NZ (have lived here 6 months)

    i assume if we put our names on a property each then we could but does that mean we can only go to a lender using one income?

    thank you for your help

    Ben

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 25, 2010 - 4:19 am

    Hi Ben

    Regretfully not.

    The Grant is only available to 1 of you so if you were to purchase a property you partner is unable to purchase separately and still qualify. Now depending on which State you are in the Stamp Duty concession maybe different.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Ben KBen K
    Participant
    @ben-k
    Join Date: 2010
    Post Count: 103
    October 25, 2010 - 4:22 am

    Thank you for that Richard, keeps everything fair i guess doesnt it

    Ben

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