Hi guys,
Hoping to get some advice on the following situation thats just come about..
I have a unit due to settle later this month that was purchased with the intention of becoming my PPOR immediatly on settlement, claiming the FHOG. My Mortgage Broker has now said to me yesterday that because of the banks getting stricter with their lending criteria, I'm no longer meeting their requirements ($600 month short, SOMEhow) as my wage is only 43k p.a net. He suggested perhaps, that it may be possible to claim for a investment loan to ensure a loan does come through, and then if i still want to move into the property I can apply for the FHOG immediately AFTER settlement...
My concern is this,
I've spoken to the SRO and they've said that they don't care what the loan is called, so long as I obide by the rules and do officially live in the property for 6 months to claim the grant. In the mean time however, I'll have to cover the 32k from my own pocket that I was going to receive from the grant. So how long does it take from the time of application for the grant, to the point of actually receiving the money? In this case the full 32k.
Also, once the grant is received, am I able to choose how much of this I want to be added to my home loan and how much I want to just leave in my bank account/spend? I wanted to keep some money in the bank as a buffer but because of the change of circumstances, i'm now going to have to fork out everything I have on settlement.
Finally, I've seen a few people mention in other posts with a similar scenario that "claiming for any stamp duty examptions would be pushing it". I'm not sure what this means.. Could someone maybe explain if my situation will affect the stamp duty at all? If so, how?
I really feel like my mortage broker should have told me sooner of the changing lending criteria, as I could have just picked up a second job, so I'm not impressed and really dont want to lose any money out of this.
I realise I could speak to the SRO again but they're closed over the weekend and I'm stressing a little..
Thanks everyone.
Hoping to get some advice on the following situation thats just come about..
I have a unit due to settle later this month that was purchased with the intention of becoming my PPOR immediatly on settlement, claiming the FHOG. My Mortgage Broker has now said to me yesterday that because of the banks getting stricter with their lending criteria, I'm no longer meeting their requirements ($600 month short, SOMEhow) as my wage is only 43k p.a net. He suggested perhaps, that it may be possible to claim for a investment loan to ensure a loan does come through, and then if i still want to move into the property I can apply for the FHOG immediately AFTER settlement...
My concern is this,
I've spoken to the SRO and they've said that they don't care what the loan is called, so long as I obide by the rules and do officially live in the property for 6 months to claim the grant. In the mean time however, I'll have to cover the 32k from my own pocket that I was going to receive from the grant. So how long does it take from the time of application for the grant, to the point of actually receiving the money? In this case the full 32k.
Also, once the grant is received, am I able to choose how much of this I want to be added to my home loan and how much I want to just leave in my bank account/spend? I wanted to keep some money in the bank as a buffer but because of the change of circumstances, i'm now going to have to fork out everything I have on settlement.
Finally, I've seen a few people mention in other posts with a similar scenario that "claiming for any stamp duty examptions would be pushing it". I'm not sure what this means.. Could someone maybe explain if my situation will affect the stamp duty at all? If so, how?
I really feel like my mortage broker should have told me sooner of the changing lending criteria, as I could have just picked up a second job, so I'm not impressed and really dont want to lose any money out of this.
I realise I could speak to the SRO again but they're closed over the weekend and I'm stressing a little..
Thanks everyone.
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