Hey guys any help would be greatly appreciated
Just trying to get some guidance.
So my girlfriend is trying to buy her first house and claim first home owners grant.
I’ve already used my grant so I can’t go on the loan other ways we loose the grant. We have got a baby on the way due May next year so I’m trying to get a house sorted before we declare a dependant on the loan application.She earns 52k per year which her borrowing capacity takes her to 300k.
We need to get to 400k.Her parents said they can be garentors for the loan but the only issue is the father is the only one working and is self employed so on paper he didn’t earn enough when they do the refinance he won’t meet the borrowing capacity.
The parents are saying they will just pull out 50k of the loan and give it to us BUT I REALLY DONT WANT TO DO THAT ITS DEFINETLY A LAST OPTION.
Should I just go on the loan and stuff the grant. But Ive already got 2 investment properties and a car loan so I might not be much help pulse we need to come up with a bigger deposit.
Any advice would really help I feel so lost and there’s not many that are helping
Regards
We were told to do and investment loan and take the money from the parents to pay the higher deposit then apply for the first home owners grant after 11 months and live with her parents till then Which again I don’t really want to do I don’t want to bring up a baby in the parents house.
I could just move into one of my investment properties once the lease is up but I feel like that’s a bad move in the long run because they have amazing tenants and everything is going greatWhat state are you in? As it differs per state but from my understanding your spouse will ineligible for the grant as she is in a relationship with you. You can look up the rulings per state just by going to the state or territory revenue websites. I would recommend talking to a broker about the financing side of everything. Plenty on this site that would deal with this on a daily basis. Hope this helps and good luck!
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
At this state we are completely seperate no joint accounts addresses are seperate. We both live with our parents. So we should be fine in that sense we are located in Melbourne.
If I went on the loan then yes we are ineligibleI’ve talked to many brokers just needing some direction from experienced members
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