FHOG - how big a driver should it be?

Has anyone in sydney who has been eligible for it, been able to devise a strategy to collect the FHOG, live in it as a PPOR for 12 months and been successful in selling it for a profit at the end of the term to make the whole exercise worthwhile? Or is the FHOG all too much effort and one should not worry about it too much?

If you have been able to do it, what sort of place did you get and for how much? I guess the intention would be to dump as much money into it as possible over the course of the 12 months as you will be living in it and the interest will not be tax deductible?

Julie
 
hi, i bought a unit off the plan last year, so i was entitled to the $7000 + $7000 FHOG.
I have just settled and intended to claim the full $14000 but i could only get finance if i rented it out. so i have leased the place on a 6 month lease to make up my mind up-i still have another 6 months before i can claim the grant.
i don't think i will bother, i can't claim the additional $7000 because someone has lived in it, 6 months rent is about equivelent to the $7000 grant and there was only about a $250 stamp duty saving($297000)property.
i recken buy a house under $200000 and pay no stamp duty and claim the grant,renovate the propety while you live in it for 3 months,at the end of the 3 months , move out and have it revalued etc.

regards
Gavin
 
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