FHB questions

Hi people, I'm amazed at so much info you guys have in this forum. After reading these particular section on property finance, I'm so convinced in building my portfolio. I just have few questions that and hopefully expert forum members can help me clarify the cloud.

1) I'm still renting currently and saving up to buy first PPOR. It's OTP $530k purchase and will settle Feb 2016. I think I will be eligible for NSW FHOG $54,000 and stamp duty exemption. Is this correct? what do I need to do to get this government benefit?

2) Will bank look at FHOG as part of deposit?

3) Which is better? Joint Tenancy or Tenancy in Common? I've read some article and it seems that Tenancy in Common is the way to go but I may be wrong.

5) To be compliant with FHOG 6 month living in the PPOR within the 12 month, does it mean I can start renting it out after 6 month?

6) With a view of possibly turning the PPOR into IP, would it be best to start getting I/O loan with 100% offset?

7) I'm not sure if this legal, but can we actually rent our own home to ourselves so that interest is deductible??

Thanks guys
 
Hi people, I'm amazed at so much info you guys have in this forum. After reading these particular section on property finance, I'm so convinced in building my portfolio. I just have few questions that and hopefully expert forum members can help me clarify the cloud.

1) I'm still renting currently and saving up to buy first PPOR. It's OTP $530k purchase and will settle Feb 2016. I think I will be eligible for NSW FHOG $54,000 and stamp duty exemption. Is this correct? what do I need to do to get this government benefit?

2) Will bank look at FHOG as part of deposit?

3) Which is better? Joint Tenancy or Tenancy in Common? I've read some article and it seems that Tenancy in Common is the way to go but I may be wrong.

5) To be compliant with FHOG 6 month living in the PPOR within the 12 month, does it mean I can start renting it out after 6 month?

6) With a view of possibly turning the PPOR into IP, would it be best to start getting I/O loan with 100% offset?

7) I'm not sure if this legal, but can we actually rent our own home to ourselves so that interest is deductible??

Thanks guys

Heya,
A few answers:
1. Yes, should get both the duty exemption and FHOG. Pretty sure its <$54,000 though! ($15k + duty exemption).
2. Yes plenty do.
4. Yes, but this may have changed to 12 months recently. Check NSW FHB webpage for more.
5. Yes definitely, I/O + Offset. Don't pay the principal down.
7. Not legal! Can't rent your own PPOR.

Cheers,
Redom
 
3. TIC is generally preferrable in my view as each party can leave their share to someone else. But if you think your will is going to be challenged JT may give more protection (but it is still possible to get attacked).

7. Not logically possible either as you cannot contract with yourself.
 
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