Fhog

Discussion in 'Where to Buy' started by kidd1, 2nd Jul, 2009.

  1. kidd1

    kidd1 Member

    Joined:
    2nd Jul, 2009
    Messages:
    41
    Location:
    Perth
    Hi all, being young & very green in the industry, can anyone give me any advice of getting the full potential out of the FHOG?
    I will soon be looking to purchase my first property (Perth) and was wanting to know if there is a way of utilizing my FHOG as well as my long term partners'. By the time we will be looking to purchase anything the FHOG will be back down to $7k.

    I understand that in order to use both of the grants, we will have to eventually purchase two properties, however, I was just wanting to know the in's & out's of doing this and if anyone has any good advice.

    Also any advise on my initial purchase is good advice at this stage. Reply or PM.

    Cheers
     
  2. RumpledElf

    RumpledElf all fun in the big city!

    Joined:
    28th Apr, 2008
    Messages:
    5,641
    Location:
    Sydney
    In their infinite wisdom, the government decreed it is one grant per couple. You can't get one *each*.

    I wish they'd give, say, a bigger grant to couples and half that to singles so if you're like us where neither party has ever got the grant (I bought my house pre-2001 and he has never owned one before) you at least get half of it. Would make things fairer to people like divorcees who are starting over with a new partner who has never bought before but one once owned a house many years ago and thus dooms the new partner to a life forever grantless.
     
  3. kidd1

    kidd1 Member

    Joined:
    2nd Jul, 2009
    Messages:
    41
    Location:
    Perth
    Is there a way of putting the title in ones name. Then the next property in the other persons name?
    Has anyone done this? Or is it all too much effort for the sake of $7k.
     
  4. MissAlison

    MissAlison Member

    Joined:
    18th Jun, 2009
    Messages:
    20
    Location:
    Melbourne, Vic
    I've looked into this recently. It's too much effort.
     
  5. RedPanda

    RedPanda Investor

    Joined:
    30th Jun, 2008
    Messages:
    318
    Location:
    Sydney
    We have done that but for different reasons. When you buy a house under your name and get the grant, your partner won't get the grant anyway when he/she buys in his/her name. The grant can only be used once per couple irrespective of whose name property is in.
     
  6. LynnH

    LynnH Member

    Joined:
    17th Nov, 2004
    Messages:
    2,133
    Location:
    Brisbane (Southern Bayside)
    It's not really a matter of "too much effort" ..... If you get caught out (and they do check), not only do you have to pay back the FHOG, but there are substantial penalties involved as well. And that sort of thing comes with a nasty little label as well: "Fraud".

    Cheers
    LynnH
     
  7. travelbug

    travelbug Member

    Joined:
    11th May, 2008
    Messages:
    3,028
    Media:
    3
    Location:
    Sydney NSW
    That would only be true if the loan was in both names.

    If you buy a house and you "partner" is not mentioned anywhere how would they know that you are a couple?

    Or do you mean partner as i married?
     
  8. RumpledElf

    RumpledElf all fun in the big city!

    Joined:
    28th Apr, 2008
    Messages:
    5,641
    Location:
    Sydney
    If you are sharing expense for tax or sharing any sort of address they'd come get you later. If you're still living separately (as in, never cohabited) and keeping your expenses completely separate you'd probably be fine.
     
  9. RedPanda

    RedPanda Investor

    Joined:
    30th Jun, 2008
    Messages:
    318
    Location:
    Sydney
    I am assuming that a partner is either married or a couple living together. If someone is not married and not living together then probably they are not partners anyway. I stand corrected.

    How would they know? When I say you can't do that, I meant lawfully you can't do that. To do something unlawfully and get caught or not is another story.
     
  10. kidd1

    kidd1 Member

    Joined:
    2nd Jul, 2009
    Messages:
    41
    Location:
    Perth
    thanks for the great info... I am definately not about to break the law for $7k any time soon.

    As far as having mail posted to different addresses, repayments coming from one account & one account only etc...

    This is definately too much effort, a small amount of risk is too much in this case.
     
  11. fokas

    fokas Absolute Newb

    Joined:
    26th Sep, 2008
    Messages:
    849
    Location:
    NSW
    So even if you're living with a bf/gf except it's totally YOUR OWN house, mortgage, title, responsibility...whatever... It's considered fraud if they later on buy their own property with the FHOG without the original partner!!?
     
  12. RedPanda

    RedPanda Investor

    Joined:
    30th Jun, 2008
    Messages:
    318
    Location:
    Sydney
    Yes if bf/gf qualify as a couple. That's my understanding.
     
  13. RumpledElf

    RumpledElf all fun in the big city!

    Joined:
    28th Apr, 2008
    Messages:
    5,641
    Location:
    Sydney
    Yup. I owned my own house, all mine, my title, my mortgage, absolutely everything in my name from the phone connection to insurance, and the purchase predated him being my partner by several years.

    He couldn't get the grant for the house we bought last year, so we just bought it joint sans grant. And the worst? If we break up and he goes to buy his first house solo, because he's owned a joint house with me he can't ever get the grant in the future.