FHOG where does it go?

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From: .watto .


Hi All,

Where does the one off payment for the first home owners grant go when evaluating a property?


Cheers
Watto
 
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From: Webmaster (Somersoft)


I was not aware that the FHOG was available to property investors, but I suppose there is nothing to stop someone who is purchasing their first home renting/sharing a part of it with house mates.

If we assume that it is OK, the FHOG is effectively the same as being given instant equity in a property in the same way if you were to pay less than the current market value. To simulate this in PIA, you simply open the Property Value dialog and set the purchase price to how much you pay and the property value to what you think it is worth. The only thing to be careful of is that the PIA automatically calculates the stamp duty according to the purchase price (and the relevant State). Check that this is indeed correct and overwrite it if necessary.
 
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