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FHOG on Guarantor Loan

Discussion in 'Property Finance' started by albanga, 8th Jan, 2016.

  1. albanga

    albanga Well-Known Member

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    Hopefully a quick one to answer. Is a first home owner In VIC still entitled to the FHOG (both duty reduction and 10k new bonus) if the loan is guarantored by their parents security?

    Finding this information is quiet challenging via a Google search.
     
  2. Redom

    Redom Mortgage Broker Business Member

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    I believe they'll still be eligible - but i don't know VICs state specific laws.

    How someone structures their finances doesn't have much of an impact on eligibility of FHOG for it in other states. It does sometimes impact the timing of payment (e.g. land purchases, whether that bank processes it or done manually, etc), but not the eligibility criteria.
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    I don't think the finance setup is relevant.
     
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  4. Watson1

    Watson1 Well-Known Member

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    Yep, still eligible for both the reduction in stamp duty and FHOG.
     
  5. tobe

    tobe Well-Known Member

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    It's the only exception in vic. While I think nsw allows co borrowers and other people on title, Victoria doesn't.
     
  6. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Hi, I had a client we recently done a loan for who was in the same boat.
    They purchased a new home in Melbourne, parents where guarantors and they got the 10K plus stamp duty reduction.

    The 10K bonus is only applicable to newly built properties as well.
     
  7. albanga

    albanga Well-Known Member

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    Thanks Everyone, I would hope it would be the case.
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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