I bought an IP one year ago, hes wrong no?
Broker says Im not able to apply for FHOG if I own an IP??
- Thread starter want2bewealthy
- Start date
This is what I found in the eligibiltiy criteria for the FHOG:
"Either you or your spouse* have not previously owned a residence in Australia (i.e. held registered title of a
property in either or joint names) prior to July 1, 2000. This includes residential investment property except
in the case where you have purchased an investment property or inherited property after July 1, 2000 and
have never taken up residence in the property."
I've also read in a few magazine articles about young people living at home and buying IP's then being able claiming the FHOG when they eventually buy a PPOR.
Maybe look for a more savvy broker?
"Either you or your spouse* have not previously owned a residence in Australia (i.e. held registered title of a
property in either or joint names) prior to July 1, 2000. This includes residential investment property except
in the case where you have purchased an investment property or inherited property after July 1, 2000 and
have never taken up residence in the property."
I've also read in a few magazine articles about young people living at home and buying IP's then being able claiming the FHOG when they eventually buy a PPOR.
Maybe look for a more savvy broker?
Yea I think you may be right, he doesnt seem to hold up really,
what kind of property broker wouldnt know this? makes me wonder what else he doesnt know?...
If I had purchased already, I would have lost out 7k.. or more like 20-30k after interest,
what kind of property broker wouldnt know this? makes me wonder what else he doesnt know?...
If I had purchased already, I would have lost out 7k.. or more like 20-30k after interest,
Office of State Revenue for each state. It might be called something different depending on which state you're in. They all have sections on the FHOG.
Alex
This is within the rules. As long as the IP was purchased after June 2000 and it has always been used as an IP.
Alex
New South Wales on 02 9685 2187 and www.osr.nsw.gov.au
Victoria on 13 2161 and www.sro.vic.gov.au
Queensland on 1300 300 118 and www.osr.qld.gov.au
Western Australia on 1300 363 211 and www.srd.wa.gov.au
South Australia on 08 8226 3750 and www.revenuesa.sa.gov.au
Tasmania on 03 6233 3744 and www.treasury.tas.gov.au
Australian Capital Territory on 02 6207 0032 and www.revenue.act.gov.au
Northern Territory on 08 8999 7949 and www.nt.gov.au/ntt/revenue
Victoria on 13 2161 and www.sro.vic.gov.au
Queensland on 1300 300 118 and www.osr.qld.gov.au
Western Australia on 1300 363 211 and www.srd.wa.gov.au
South Australia on 08 8226 3750 and www.revenuesa.sa.gov.au
Tasmania on 03 6233 3744 and www.treasury.tas.gov.au
Australian Capital Territory on 02 6207 0032 and www.revenue.act.gov.au
Northern Territory on 08 8999 7949 and www.nt.gov.au/ntt/revenue
Hi W2BW
It has nothing to do with your broker. They do not make the decision regarding eligibility. If you are relying on the FHOG for Funds to Complete then the lender may require to see your FHOG application, but otherwise you can apply anytime following settlement when you take up residence at the property.
FYI, I lodged an application for a customer of mine in May, 2007. The FHOG application was lodged with the application for a home loan. My customer thought I must be mistaken - at that time he had bought four properties and still owned two of them. He had never lived in any of these properties and two he had never seen.
I included a full description of all the properties and their transaction dates in the application and you can imagine how pleased he was to be approved for the (Vic) $10,000 grants.
You never know if you don't have a go.
Discuss this with your solicitor / conveyancer and they can assist with the application if your broker is reluctant to do so.
Cheers
Kristine
It has nothing to do with your broker. They do not make the decision regarding eligibility. If you are relying on the FHOG for Funds to Complete then the lender may require to see your FHOG application, but otherwise you can apply anytime following settlement when you take up residence at the property.
FYI, I lodged an application for a customer of mine in May, 2007. The FHOG application was lodged with the application for a home loan. My customer thought I must be mistaken - at that time he had bought four properties and still owned two of them. He had never lived in any of these properties and two he had never seen.
I included a full description of all the properties and their transaction dates in the application and you can imagine how pleased he was to be approved for the (Vic) $10,000 grants.
You never know if you don't have a go.
Discuss this with your solicitor / conveyancer and they can assist with the application if your broker is reluctant to do so.
Cheers
Kristine
Thanks Kristine,
Its not that, its the fact that he told me that Im not elightable in the first place and I believe that as a broker, he should know this and be able to give me the right information.
Its not that, its the fact that he told me that Im not elightable in the first place and I believe that as a broker, he should know this and be able to give me the right information.
Hey Want2be,
It sounds like he's gotten confused between the first home owners grant and the first home owners benefits.
The FHOG is the (in NSW) $7,000 Grant.
The FH benefits in NSW are the stamp duty exemption or reductions etc
In NSW you should be eligible for the FHOG, but not eligible for the FH Plus.
It sounds like he's gotten confused between the first home owners grant and the first home owners benefits.
The FHOG is the (in NSW) $7,000 Grant.
The FH benefits in NSW are the stamp duty exemption or reductions etc
In NSW you should be eligible for the FHOG, but not eligible for the FH Plus.
Many brokers will be familiar with the rules because of their line of business, but I disagree that they "should" know. Brokers are experts in finding and gaining approval for the most appropriate finance for your situation. I don't consider that FHOG and similar benefits falls within their jurisdiction, or that it's reasonable to expect them to be experts on this.
