First home owner grant
- Thread starter giraffez
- Start date
I'll have a shot an answering your question. Others correct me if I'm wrong.
You will qualify for the first home owners grant if it is the first home you will be living in. I think since you have had an investment property only you will qualify.
I think this is only applicable if it is a brand new property.
You have to start living in it within the first 12 months for a continuing period of at least 6 months.
Hope that helps.
You will qualify for the first home owners grant if it is the first home you will be living in. I think since you have had an investment property only you will qualify.
I think this is only applicable if it is a brand new property.
You have to start living in it within the first 12 months for a continuing period of at least 6 months.
Hope that helps.
I think I have made a mistake re stamp duty concessions. Please check http://www.osr.nsw.gov.au/benefits/first_home/ for the official t&c. (I assume you are talking about a prop in NSW.
FHOG yes, Stamps exemption no
ta
rolf
ta
rolf
You can certainly move out after 6 months and rent it out as an investment property.
Rav
Positive Cash Flow Property
Rav
Positive Cash Flow Property
If you buy your first property with the intention of living in it for 6 months only to calaim the FHOG and then you will convert it to an IP, does the bank or financial institution care if you tell them this is your intention from the start?
Should you keep this from discussions with them?
Will they try to refinace the home loan as and investment home loan or it doesn't matter to them as long as you are paying your bill on time for the life of the loan?
Should you keep this from discussions with them?
Will they try to refinace the home loan as and investment home loan or it doesn't matter to them as long as you are paying your bill on time for the life of the loan?
Hiya
In general, the use of the property applies at the date of application, so PPOR is ok.
Some lenders do want to know once you rent the place out, in the past they used to charge a higher rate for IP loans than PPORs
ta
rolf
In general, the use of the property applies at the date of application, so PPOR is ok.
Some lenders do want to know once you rent the place out, in the past they used to charge a higher rate for IP loans than PPORs
ta
rolf
I've noticed that when comparing loans some lenders still do charge a slightly different comparison rate between a regular home loan and an investment home loan. (i've seen .01% difference only) This could be due to a different loan establishment fee.
Am I legally required to inform them when my situation changes?
Under the terms of most mortgage backed loan contracts, YES you will have to notify them.
But its case by case, have a long and tall Campari and Soda or 4 and have a read of the contract
ta
rolf
But its case by case, have a long and tall Campari and Soda or 4 and have a read of the contract
ta
rolf
Rolf's right- FHOG fine but no stamps, seeing as you've already purchased.
Purpose of loan is also the key here- no grants to those who say it's going to be an IP from the start, obviously! Most FHB's I'm dealing with atm are using the grant, living in for 6-12 mths then moving back in with lucky mum and dad to continue saving
Purpose of loan is also the key here- no grants to those who say it's going to be an IP from the start, obviously! Most FHB's I'm dealing with atm are using the grant, living in for 6-12 mths then moving back in with lucky mum and dad to continue saving
Most FHB's I'm dealing with atm are using the grant, living in for 6-12 mths then moving back in with lucky mum and dad to continue saving
Interesting to see that virtually ALL the FHB Q's on this forum are about buying it as a PPOR and making it an IP in 6 months time. I wonder if the govt. anticipated this and sees it as a way of mitigating the rental crisis and rising rents environment?
Maybe this will cause a spike in the vacancy rate as more rentals become available to tenants in 6 months time?
Maybe as an investor it would be good time to start writing 12 month leases for your existing tenancies?
Purpose of loan is also the key here- no grants to those who say it's going to be an IP from the start, obviously! Most FHB's I'm dealing with atm are using the grant, living in for 6-12 mths then moving back in with lucky mum and dad to continue saving
Yes but am i under any obligations down the track to have to take it back and use it as my primary residency after the 6 months period. ie. say in 5 years time, can i still keep as investment property or do i have to earn my residency again by staying for another 6 months
