First Home Owners Grant

[WebBoard]

From: Mike .


First Time Buyer $7,000
From: John O'D
Date: 7/3/00
Time: 10:13:55 PM

I am looking to become a first time buyer, but I am from New Zealand and have lived and worked here for a year.

Looking at the 1st time buyer grant I am exempted as I come from NZ, have to become a Australian Citizen which I would have to wait another year ...

Regards Permanent residences...its okay from any other country. Is there any way round this like buying my first house under a trust and then still claim the grant?...I can afford a deposit now but when money is dangling in front of your nose.

I live on the Gold Coast and have a good eye on a couple of places. Its tricky as property may go up and down in that time...Does anyone know anyway round this and if you were in my shoes what would you do - wait and see ?

Any suggestions appreciated or email [email protected]

 

[WebBoard]

Cameron

Reply: 1
From: Mike .


Re: First Time Buyer $7,000
From: Cameron
Date: 7/10/00
Time: 2:17:29 PM

John,

I to am from NZ and have just signed up for my first place. The rule as I understand it is that you must be a permanent resident, which you are, being from NZ regardless of time spent here.

The bank I went through, Suncorp Metway, is the QLD agent for the $7,000 first home buyers grant and they let us use the money on the deposit. So you would assume they know the rules.

As far as owning a property previously, I understand that to be eligible you cannot have owned any property previously including an investment property. It must be your first home owned in any state in Australia. For comfirmation call the local agent i.e Suncorp Metway and they have a brochure they can send you. Hope this helps.

Regards, Cameron

 

[WebBoard]

Mandy

Reply: 1.1
From: Mike .


Re: First Time Buyer $7,000
From: Mandy
Date: 7/4/00
Time: 9:02:15 AM

John,

I looked into this quite a bit as I own 11 investment properties but have never owned my own home.

My understanding is that after the 1st July you can buy an investment property and this won't prevent you from buying your own home later and claiming the $7k. (For those impoverished waanabe 1st home owners of us who bought investments last month, too bad!)

So maybe you could buy an investment now if you have a bargain in mind and then after you have had the operation buy something to live in and claim the money?

Mandy

 

[WebBoard]

Andrew G

Reply: 1.1.1
From: Mike .


Re: First Time Buyer $7,000
From: Andrew G
Date: 7/4/00
Time: 12:33:30 AM

Sorry,

You must be a "real person" to apply. Meaning no trusts, companies or other entities. If you could do it through a company structure then for every property you would buy through a shelf comapny costing around $900 and then collect $7000 from the government. Not a bad little investment really...not that the thought of doing this ever crossed my mind.

Andrew.