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FHOG

Discussion in 'General Property Chat' started by MJS1034, 9th Aug, 2015.

  1. MJS1034

    MJS1034 Well-Known Member

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    Hi all,

    I have just purchased my first IP and in 12-18 months I will be purchasing my PPOR. Am I still eligible for the FHOG or the stamp duty concession in qld?


    Thanks in advance
     
    Last edited: 9th Aug, 2015
  2. tajid

    tajid Member

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    Stamp duty concession no, FHOG yes
     
  3. MsAli

    MsAli Well-Known Member Premium Member

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    Are you moving to Qld?
     
  4. MJS1034

    MJS1034 Well-Known Member

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    I'm originally from Queensland and moved to Melbourne 18 months ago with my partner for a job opportunity we couldn't pass up.

    We bought an IP in QLD few months ago and our next purchase will be a ppor in QLD if we are eligible for FHOG or stamp duty concession.
     
  5. MJS1034

    MJS1034 Well-Known Member

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    Are you sure? I can't seem to find anywhere that says I am eligible.
     
  6. tajid

    tajid Member

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    Confirm with your broker if you are not sure, I'm pretty sure as I bought 2 properties approx about the same time, IP & Owners occupied & my broker told me to settle my OC first to make sure im entitled for both, if the IP settled first, would only be entitled for the FHOG.

    & my brother just purchased his first IP, he was assured by agent & broker that he'd be still entitled to FHOG when he buys his OC.
     
  7. MJS1034

    MJS1034 Well-Known Member

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    Was this all in QLD? I've got a mate in VIC who bought IP first then a PPOR and was eligible for stamp duty concession on his ppor
     
  8. tajid

    tajid Member

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    No, IP in QLD, OC in NSW.
     
  9. Sonamic

    Sonamic Well-Known Member

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    I would say no and no. You have now bought a property which is not your First Home, so technically you're no longer eligible for FHOG.

    I could be wrong of course.:rolleyes:
     
  10. MJS1034

    MJS1034 Well-Known Member

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    Yeah I agree, I'll have to check if I'm eligible for stamp duty concession though
     
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  11. Scott No Mates

    Scott No Mates Well-Known Member

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    I don't know if the rules for FHBG have changed but I know a guy with several commercial IP all built from scratch. He paid over $1.5 for his ppor and got the grant. I believe that a maximum price cap applies now.
     
  12. Amber83

    Amber83 Well-Known Member

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    I am in a similar situation.yes u r eligible for first home buyers stamp duty concession for PPOR if u already own an investment property.i rang and spoke to state revenue office.call them yourself to find out :)
    m in
     
  13. RM1827

    RM1827 Well-Known Member

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    This is correct. You are still eligible. For both. I researched this before buying my first IP.
     
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  14. MJS1034

    MJS1034 Well-Known Member

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    Yeah I'll give them a call to confirm but my broker did say we would be eligible.
    What is the stamp duty concession in QLD? I know in Victoria it's s 40% stamp duty saving.
     
  15. Dan Donoghue

    Dan Donoghue Well-Known Member

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    I think you are right, the wording sort of sucks, I mean an IP is not your home, home is where you live :), your IP is someone else's home :)
     
  16. tajid

    tajid Member

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    Where did you research it? That means I was misinformed by my broker then.
     
  17. Redom

    Redom Mortgage Broker Business Member

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    My reading in NSW - FHOG yes (so long as you never occupied your IP), Duty concessions no.

    Your best to call OSR in your state to confirm.


    Eligibility (FHOG NSW)

    Your eligibility is determined on the facts and circumstances as at the commencement date of the eligible transaction. This is the date of the contract to purchase or build a home or, for an owner builder, the date the foundations commenced to be laid.

    To qualify for the First Home Owner Grant, you must meet the following eligibility criteria:
    • All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before July 2000.

    • All applicants and/or their spouse/de facto have not previously owned a residential property jointly, separately or with some other person in any State or Territory of Australia, and occupied that property for a continuous period of at least six months.

      Eligibility (DUTY CONCESSIONS NSW)

      To be eligible for the duty concession or exemption:
      • at least one buyer must be an Australian citizen or permanent resident

      • the agreement must be for the purchase of the whole property

      • you must be a natural person (not a company or trust)

      • you must be over 18

      • you or your partner have not previously owned residential property in any form in any State or Territory of Australia

      • at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.


     
  18. tobe

    tobe Well-Known Member

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    send an email to the SRO for confirmation. It may take them a while to get back to you, but if you clearly outline your intentions you then have it in writing if there are any issues down the track.
     
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  19. RM1827

    RM1827 Well-Known Member

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    Thank you for this info, I might have been misinformed or maybe they change the rules. My understanding was that "the residential property" was referring to a home not an IP but I'll double check.