Should I take advantage of the FHOG in QLD/Gold Coast?

Discussion in 'What to buy' started by NeilG, 29th Jul, 2018.

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  1. NeilG

    NeilG Member

    Joined:
    28th Jul, 2018
    Posts:
    7
    Location:
    Gold Coast
    Timeframe: January - June 2019

    Option 1:
    FHOG is $15k on new homes/new builds and has to be PPOR for 1 year.
    + Free Stamp Duty on all first houses under $505k.

    I need to be on Gold Coast - Northern regions at a maximum. This means I am left with Pimpama or Coomera at $420-450k-ish and I have been quite scared off these areas due to the oversupply and high prices with not much room for CG (it seems). Not sure whether to do this anyway and think long term for a free 15k?

    Option 2:
    Buy a Townhouse for 300-350k in high rental yield/demand area and live in it for a year in order to take advantage of free Stamp Duty in QLD. I would then buy standalone house after first year and use townhouse as IP after first year.

    Which option do you like here? Open to Options 3 - ∞ also
     
  2. gerege

    gerege Active Member

    Joined:
    23rd Mar, 2018
    Posts:
    44
    Location:
    Qld
    build with coral in pimpama :)
     
  3. Jaxon Avery

    Jaxon Avery Well-Known Member

    Joined:
    4th Sep, 2017
    Posts:
    50
    Location:
    Gold Coast
    Hey Neil,

    Personally I would rather buy a freestanding home in Nerang for $350,000 on a high density zoned title for that price, one the land is worth more than $350k, your right about a lot of supply for the northern end, although long term your going to see good growth on the house and there are tax incentives (if it turned to IP)

    both of the two options are fine, but I would say if this is largely a financial choice, you want to build equity as soon as possible?
    yes loosing $15,000 should be taken into consideration

    but I think there are a lot more options than the above two (depending on what lifestyle etc you want to maintain)

    Also it depends on a few more things than just house vs townhouse.
     
    Last edited by a moderator: 6th Aug, 2018