New home buyer

Viewing 6 posts - 1 through 6 (of 6 total)

zanesmith
Participant
@zanesmith
Join Date: 2020
Post Count: 0
July 22, 2020 - 7:09 pm
Hi all
So wife says a house for us b4 investing so im almost locked in a new build $410k after fhb rebates and my deposit of $20k im at a loan of $375k so question 1 when the new incentives of an extra $45k kick in do i add it to the loan or question 2 the extra $45k for Wa and Fhb should i use that as a deposit on another home for the mother inlaw maybe a unit about $200k-$240k max and let her pay it off over 15yrs.
As this could start our investments
Thanks guys
Jaxon
Participant
@jaxona
Join Date: 2014
Post Count: 284
July 23, 2020 - 8:53 am
Good Day Zane,

almost? haha, has she compared options if your not happy with that strategy?
Firstly to confirm your talking about the FHOG? *(First home owners grants & HOMEBUILDER SCHEME
https://www.wa.gov.au/organisation/department-of-finance/fhog

https://treasury.gov.au/coronavirus/homebuilder

So from my understanding previous incentives get paid when the build/purchase goes ahead and you wouldn’t be able to use for another property as they are usually part of the purchase (without refinancing as they usually paid directly to the builder, lender, etc)

but as per the Treasury Fact sheet states
“It is expected that the relevant State or Territory Revenue Office will distribute the $25,000 grant directly to
the applicant.”

Have you created criteria for your first investment property? do you understand what yeild/risk of areas etc?
Lots of really in depth valuable content on this site.

Wish you all the best *(all above in general & does not take account of your situation)
- This reply was modified 4 years, 4 months ago by Jaxon. Reason: UPDATE
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone Me
JPA Financial Services Pty Ltd
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 23, 2020 - 7:18 pm
Hi Jaxon
So from my understanding previous incentives get paid when the build/purchase goes ahead and you wouldn’t be able to use for another property as they are usually part of the purchase
No that is incorect there is no requirement to have the Grant payable to the Builder/Lender you can certainly have it paid to you personally and use it on another property.
Cheers

Yours in Finance

Richard Taylor | Australia's leading private lender
Jaxon
Participant
@jaxona
Join Date: 2014
Post Count: 284
July 23, 2020 - 7:42 pm
“It is expected that the relevant State or Territory Revenue Office will distribute the $25,000 grant directly to
the applicant.”
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone Me
JPA Financial Services Pty Ltd
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 25, 2020 - 5:22 pm
Precisely….. so can be used for the next purchase if required.
Cheers

Yours in Finance
Richard Taylor | Australia's leading private lender
zanesmith
Participant
@zanesmith
Join Date: 2020
Post Count: 0
July 26, 2020 - 2:03 pm
Food for thoughts guys thankyou