First home owners and rant

Discussion in 'Loans & Mortgage Brokers' started by Property Baron, 8th Jun, 2020.

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  1. Property Baron

    Property Baron Well-Known Member

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    How does the FHOG and the Home Builder grant work?
    If it's on new builds up to 600k or 750k does this include the land, or if the land is bought separately is it only based on the home build like Stamp duty is?

    Feel sorry for the older first home owners, people who have moved around while working there way up there work ranks. Never had time to build first home because always on the move. Now they ready to buy first home but miss out on all concessions because they earn a little too much.

    The politicians never think a policy through,
    Take job keeper for example - I know for a fact that is being rorted by certain industries. So easy to hold of payments for a month or 2 then have every employee on the books paid by the tax payer for the next 6months and maybe more. Even if your business is making more money than ever. Imagine your 30 employees being paid 1500 per fortnight while you bank there normal wages.
     
  2. Joynz

    Joynz Well-Known Member

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    I suggest you read a bit more about this.

    The scheme is designed to support builders and their tradies.

    It’s not designed to give money to every ‘poor me’ PC member or their friends who feels they have missed out because they earn too much!

    if you really know of people rorting JobKeeper, then report them - like a good citizen!
     
  3. Property Baron

    Property Baron Well-Known Member

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    Have you spoken to any of the multi millionaire builders who currently have jobkeeper for every one of their employees. Including themselves. Some up to 40 50k per month.

    I know some honest first home buyers who will just miss out on up to 40 50k worth of rebates because they are over 40 and earn 5 or 10k too much,
     
  4. Trainee

    Trainee Well-Known Member

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    Doubt this is going to end up a good thing for fhbs anyway.
     
  5. Property Baron

    Property Baron Well-Known Member

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    Not up to me to report people taking advantage of a non thought through policy,
     
  6. Property Baron

    Property Baron Well-Known Member

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    Why would the rebates not be a good thing?
     
  7. Joynz

    Joynz Well-Known Member

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    [
    Again, I say that the scheme is designed to support builders and their tradies.

    There is always going to be someone who earns more than any cut off - be it $200k or $500k.

    Suck it up. That’s life.

    The caps are well above the median wage anyway so it’s a bit on the nose for FHBs to complain about earning too much!

    And yes, I do know a small builder who has applied for jobkeeper. Legally, under the provisions. Not a millionaire.
     
  8. Trainee

    Trainee Well-Known Member

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    The rebates will go straight to the builders. The fhb will have a new home that won't go up for years.
     
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  9. Joynz

    Joynz Well-Known Member

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    Please show your evidence for this.
     
  10. Trainee

    Trainee Well-Known Member

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    All it will do is push fhbs into buying new property. New stuff doesnt go up as easily because the buildings get old and there is lots of supply.

    Not talking about jobkeeper. Talking about the building rebates. You yourself said the scheme is to support the building industry. Not to help fhbs.
     
  11. Joynz

    Joynz Well-Known Member

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    Oh, I see now. Slight misunderstanding.

    When you wrote ‘won’t go up’ you meant won’t increase in price - I thought you meant that builders would somehow take the money but won’t erect the house!
     
  12. Property Baron

    Property Baron Well-Known Member

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    Good for the builder isn't it.
    I agree it would be a bit on the nose except for the part where I say they have worked their whole life, now over 40 and just getting a chance to buy first home.
    They were not earning over the medium income when they 18yo but will miss out on the rebates,
     
    Last edited by a moderator: 8th Jun, 2020
  13. Joynz

    Joynz Well-Known Member

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    No sympathy here, I’m afraid.

    I was not earning median income at 18 - or even at 35. I bought my first house in my 40s too. I was grateful for getting the (rather small) FHOs grant.

    Best not to conflate the covid response with the FHO measures.
     
  14. skater

    skater Well-Known Member

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    This in itself doesn't mean they are rorting the system. To apply, and be approved, they need to prove that their turnover is significantly reduced due to Covid. They don't have to stop trading during this period. It's there to support the business, so that they don't need to put off their employees.
     
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  15. skater

    skater Well-Known Member

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    Same here! Although younger when we bought our first home, the only concession we got was that we could pay stamp duty over 5 years. No FHO grant, and no middle class welfare either, on an income well under median at the time.
     
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  16. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Jobkeeper is paid to employers to assist them to retain staff. A employer who cuts wages and expects employees to work for $1500 wont retain staff will they ? Many meployers who cant open are retaining staff by paying them the $1500 a F/Night to do nothing (or very little) in place of jobseeker if they were let go. Employers cant pay jobkeeper and still expect fulltime work. Thats illegal. If a employer is rorting by underpaying for work then Fair Work would certainly be interested in such reports. That would be illegal if it occurred.

    Alternatively a employer can pay full time staff AND yes they can claim jobkeeper. Nothing extra need be paid to staff. Its not a paymnet FOR emmployees. It is paid to employers.
     
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  17. Property Baron

    Property Baron Well-Known Member

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    I did not say any employers expect there staff to work for $1500 a fortnight but if they were normally on $2000 than employer adds only $500 and pockets the rest, x this by 30.. This is for businesses that did not stop working but from what I heard some businesses held off on being paid which showed a 20% loss on there bass statements effectively handing jobkeeper to there staff.
    I totally get the businesses that cant open and are retaining staff through jobkeeper, to me thats what it was designed for. The above businesses Im talking about have not broken any laws just using the jobkeeper to there advantage..
     
    Last edited: 9th Jun, 2020