Reply: 1
From: Simon .
Roger,
Here is some FHOG info that might be useful, you should note the word intended. Below that general info is a cut and paste from an earlier discussion on the forum.
The broad principles of the grant are:
· Eligible applicants are entitled to a one-off $7,000 payment.
· Eligible applicants must be natural persons, who are Australian citizens or permanent residents, who are buying or building their first home in Australia.
· To qualify for assistance, neither the applicant nor their spouse (or de facto) must have previously owned a home, either jointly, separately or with some other person.
· Entering into a binding contract or commencement of building, in the case of owner-builders, must have occurred on or after 1 July 2000.
· An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that meets local planning standards.
· An eligible home must be intended to be a principal place of residence and occupied within a reasonable period.
· Assistance will not be means tested.
· Joint applicants will be restricted to a single application for a single property and only one payment of $7,000 will be made.
The grant assistance will not be means tested and joint applicants will be restricted to a single application for a single property and only one payment of $7,000 will be made. If the consideration of the home is less than $7,000 then the grant amount paid to the applicant will equal the consideration.
The cut and paste bit.
Is there a time limit placed on how long I have to occupy the property as my principal place of residence?
No, there has been no time set, although the applicants must move into the house within 12 months from settlement or completion of construction.
Upon purchasing my new house I have decided to rent it out for 6 months and then move in. Do I still qualify for the grant?
Yes, if the property is your principal place of residence at some time during the first 12 months then you meet this part of the eligibility criteria.
Lastly, you should also understand that purchasing an investment property without the FHOG does not mean you have no further entitlement to the FHOG. It can still be used to purchase your home down the track.
For further clarification ring the Office of State Revenue or its counterpart in your state. They were kind enough to clarify the above point re IPs for me.
Simon Macks
Mortgage Hunter
0425 228985