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Urgent help requested on First Home Buyer Grant

Urgent help requested on First Home Buyer Grant

Old Oct 10th 2007, 11:26 pm
  #16  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by maverik1979 View Post
are you sure about that?, oh well, i've never owned a home anywhere in the world then if thats the case

Yes you will have to pay stamp duty, this is a new law and was brought in in January 2007. My solictor said that they check with the UK to see if you have ever owned a home anywhere in the world!!!
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Old Oct 11th 2007, 6:32 am
  #17  
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Default Re: Urgent help requested on First Home Buyer Grant

Are you eligible for the FHBG if you are buying land with a view to building at a later date?

If so, do you put this towards the loan you have for your land, the subsequent loan you take out for the building of your home, or the construction loan (assuming you are taking out a home loan to cover both land & house)

Is there a threshold over which you are not entitled to the FHBG?

Cheers
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Old Oct 11th 2007, 6:42 am
  #18  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by tictac View Post
Are you eligible for the FHBG if you are buying land with a view to building at a later date?

If so, do you put this towards the loan you have for your land, the subsequent loan you take out for the building of your home, or the construction loan (assuming you are taking out a home loan to cover both land & house)

Is there a threshold over which you are not entitled to the FHBG?

Cheers
1. There is no threshold.

2. You can not get the grant for land only. If you are getting a construction loan, then the timing of the loan is subject to your lender... ranging from the slab stage to the practical completion stage...

To put it another way...

You go out and buy some land... say put 20% deposit on it and finance the remaining 80%. You then go out and find a builder to build you a house on your new land. You arrange finance for the costs of the build. During this stage, (depending on your lender) you will get the grant.

If you buy a house and land package, then of course it is just one loan (which is staged) but the timing of the grant is still the same.

I hope that makes sense but if you still need any help just let me know.

Cheers,
Mark.
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Old Oct 11th 2007, 8:09 am
  #19  
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Default Re: Urgent help requested on First Home Buyer Grant

I just have another quick question on the same subject, so to save starting a new thread here goes - you don't qualify for the first time buyer grant if you are in Aus on aa 457 visa? or do you?
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Old Oct 11th 2007, 8:29 am
  #20  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by cookiestar View Post
I just have another quick question on the same subject, so to save starting a new thread here goes - you don't qualify for the first time buyer grant if you are in Aus on aa 457 visa? or do you?
You only qualify if your are a citizen or permanent resident. As a 457 visa is a temporary long stay business visa (I think) then you will not qualify for the grant.

Cheers,
Mark.
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Old Oct 11th 2007, 8:39 am
  #21  
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Default Re: Urgent help requested on First Home Buyer Grant

Thanks Mark. Would have been a nice bonus if we could have claimed that. Nevermind!
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Old Oct 11th 2007, 9:36 am
  #22  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by longreach View Post
I will try to clear up the confusion...

The first home owners grant is a federal grant so is applicable nation wide. You are eligible if you have not owned a home in Australia only.

Stamp duty however is dictated at state level.

In QLD, for example, in order to qualify for the first home owners rate, the criteria extends to owning a property anywhere in the world.

However in WA, the criteria falls in line with the first home owners grant...i.e. in Australia only.

Each state is different in this regard.

Hope that helps,
Mark.
Mark

Have you any idea of how the stamp duty works in Victoria? Would apprecite it if you knew and would tell me. If you don't know then thanks for at least reading this.

Trish
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Old Oct 11th 2007, 10:06 am
  #23  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by scrum View Post
Mark

Have you any idea of how the stamp duty works in Victoria? Would apprecite it if you knew and would tell me. If you don't know then thanks for at least reading this.

Trish
Try looking at http://www.sro.vic.gov.au/sro/SROWeb...duties_act.htm

Any specific questions and I will try and assist

Cheers,
Mark.
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Old Oct 11th 2007, 10:13 am
  #24  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by paulhill View Post
Yes you will have to pay stamp duty, this is a new law and was brought in in January 2007. My solictor said that they check with the UK to see if you have ever owned a home anywhere in the world!!!
fortunately im going to perth so i wont have to pay it
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Old Oct 11th 2007, 10:26 am
  #25  
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Default Re: Urgent help requested on First Home Buyer Grant

Originally Posted by longreach View Post
Try looking at http://www.sro.vic.gov.au/sro/SROWeb...duties_act.htm

Any specific questions and I will try and assist

Cheers,
Mark.
Thanks for that. I'll have a look now.

Trish
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Old Oct 11th 2007, 10:39 am
  #26  
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Default Re: Urgent help requested on First Home Buyer Grant

There are numerous other factors to consider which are not often discussed.

Any joint applicants must qualify in every way.
If anyone has had any previous ownership or "interest" in any property or land in Aus they do not qualify.
You must inhabit the property within 12 months and live there for a minimum 6 continuous months.
I believe you have 12 months from gaining title in which to claim the grant so buying whilst on a temp visa does not preclude obtaining the grant if you obtain PR within that year.

This related to QLD anyway.
Check the small print here.....

http://www.osr.qld.gov.au/fhog/index.shtml
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