All Topics / Help Needed! / urgent!..buying before rural vic FHOB ends?
- hi all i'm new here and under the pump as i just found out the $19,500 rural vic FHOB/boost ends on june 30!!.. aargh!!.. in case you hadn't guessed i'm considering making a 'dash for the line' to buy land and try and take advantage.. neeed to have stumps in ground by that date to apply though.. i realise it's a bit tight but i believe where there's a will there's a way so positive feeback is preferred as i understand a lot of the risks.. have a shortlist and those agents/vendors can settle straight away without waiting 30 days so its getting plans thru council that'll be the test..
..i am in a slightly unique position with 60k capital ready to go but i am unemployed so extra finance is almost out of the question as i have nothing to borrow against, and would like to use the downtime in my career to a) be hands-on with my build and b) use my current situation to take advantage of no land tax/concessional stamp duty/and other tax breaks for low income earners..
i originally had dreams of doing it all off my own bat with my 60k nest egg, making it my PPOR, selling after 12 months at not too much of a gain to avoid excess CGT (which would be less being unemployed) and get my portfolio going from there.. had allowed about 30k for land and 30k for a cheap bespoke build (as i have a lot of salvaged/re-purposed building materials already), but land at that price is generally out yonder and very low growth so am thinking i should spend 40k on land and make the remaining 20k stetch a bit further..
wondering if there's any go-getters out there who believe the FHOB/Boost goal can be achieved and if anyone knows of any residential blocks (R1 to avoid the need for planning permit) in rural vic?…
thanks
Hi,
If it is your PPOR then you want plenty of capital gain as you wont pay any CGT on it.
Regards
Gibbo
yeah i know thats why i want to use my current situation to my advantage.. use this first one to make some gain then get into positive cash flow ventures..
Could be that prices rise before this ends as everyone rushes in. Be careful
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw wrote:Could be that prices rise before this ends as everyone rushes in. Be carefulSimilar thing happened in NSW towards the end of last year. Particularly in the lower end of the market.
Cheers
jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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