But I can garauntee, your broker is giving you the wrong information.
Firstly, fhog aren't for rental properties or investments, you must live in teh house you purchase for a year to prove its your first home.
Secondly, if you are living in the house your partner bought, while your a couple or even before, it's considered your first home. You are not renting, you are living in your own home.
The fhog is 1 per household, you are a couple so you count as 1.
IF you bought a house before you were together and lived in it etc. and got the 1st home owners grant, and he bought a house before he met you and got the grant etc. Its the only way you would have each gotten one. Now you are together you can't.
The only way is to seperate, be seperated on centrelink/family allowance things because it's all government related and they will see it. And then you buy a house, live in it etc. on your own. And your partner lives in his house. Now for a few thousand dollars it's really not worth it, you will spend more doing this, have to live like your seperated, lie about not being a couple.
it really makes no sense, if you were advised by someone to do this, find someone else, seriously, this person is an idiot.
Ps you have 12 months to apply for fhog so he suggested getting a investment loan then apply for it! Because you would qualify for more money if we wanted for our home.
80% of people I know who do fhog would rent there houses out privately and send there mail there! (Something we are not going to do) but I know so many people that do it just like centrelink scammers.
We purchased our first home (at 23) a year or so before ttc however that was because I wanted all my financial ducks in a row before having children. We got the loan based on my husbands income alone so we knew that we could service the repayment regardless of babies/maternity leave etc.
Personally I recommend if you choose to buy now that you do this or make sure you are not borrowing to your limit as it gives you some choice post-baby.
Yes you can get the loan as an investment and tell the bank that, but then if you apply for the grant, you will have to move in.
If you then apply on your own for an investment, you can't get it again. You will need to show or sign a stat dec that your partner doesn't own a home or you've never lived in your own home, which y the sounds of it you will be.
The people that lie and defraud the gov get caught, it'll catch up with them.
Don't do that, you will end up paying back a lot more and get a criminal record, it's not worth it.
Im not going too! I'm on revenuesa now, doesn't seem to have much info except how much your eligible for. We might see a financial adviser instead. Thanks for your help
What are the eligibility requirements?
- At least one of the applicants must be an Australian citizen or have permanent residency in Australia. New Zealand citizens permanently residing in Australia who hold Special Category Visas may also apply.
- The applicant(s) or their spouse(s)/domestic partner(s) must not have previously owned a residential property anywhere in Australia prior to 1 July 2000.
- The applicant(s) or their spouse(s)/domestic partner(s) must not have owned a residential property anywhere in Australia on or after 1 July 2000 and occupied that property continuously for six months or more.
- All applicants must occupy the home purchased or built as their principal place of residence for a continuous period of at least six months commencing within 12 months after completion of the eligible transaction.
It is the responsibility of the applicant(s) to satisfy the Commissioner that they have meet the residency requirements. Applicants may be required to verify this later by providing documentation supporting their period of occupancy (e.g. electricity and gas accounts, bank statements, landline and/or mobile phone accounts and household contents insurance policies).
Applicants who do not meet the residency requirements must contact RevenueSA in writing within 14 days of the date on which it first became apparent that the residency requirements would not be complied with, and repay the grant.
- Each applicant must be a natural person (i.e. not a trustee or company) except in the cases of legal disability.
- Each applicant must be at least 18 years of age at the time of making application for the FHOG.
- The property purchased has a market value of $575 000 or less.
A property value cap applies to applicants who entered into a contract to purchase or build a home on or after 17 September 2010, or who commence construction as owner builders on or after 17 September 2010. The property value cap is $575 000 and applies to the market value of the property purchased or built.
In the case of a contract to purchase a home the market value is:
In the case of a comprehensive building contract the market value is:
- the consideration for the purchase of the home; or
- where the consideration is less than market value, the market value of the property.
In the case of an owner builder the market value is:
- the sum of the consideration for the building contract and the market value of the property on which the home is to be built as at the time the contract is made; or
- where the consideration for the building contract is less than actual costs, the sum of the actual costs to build the home and the market value of the land on which the home is to be built as at the time the building contract is made.
NOTE: in the cases of a genuine farm the market value of the property will be determined on the value of the home and curtilage area of that part of the land that is to constitute the site and curtilage of a home that is to be built on that site.
- the market value of the property on which the home is situated at the time the home is completed and ready for occupation as a place of residence.
Yeah your broker seems v dodgy. If either you or your partner has owned a property before you aren't eligible for the FHOG - even if only one of you is on the title.
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