Browse Forums General Discussion 1 Nov 04, 2010 7:29 pm Does anyone know if the FHOG can be used as a deposit for a house and land package? we are eager to buy but dont have much of a deposit yet, only about $2-3000. We dont want to wait another year to save up another $20 000. We are in a *** little town house which we are renting for a rediculous amount of money.... arrrggghhh its so frustrating! Re: FHOG and deposits 2Nov 04, 2010 8:32 pm The house and land packages I know of, including my own, you have two loans. A land loan and a construction loan. I had to show genuine savings for the land portion (which means evidence that your deposit was saved over time, i.e. regular savings in your bank account), using my money for a deposit for the land and then using the FHOG as a deposit for the construction. The FHOG is only applicable on the construction contract so if they're seperate contracts then the FHOG won't be applied until you get the construction loan. Re: FHOG and deposits 3Nov 06, 2010 12:06 pm It depends on the lender. I am going through Suncorp who accept non genuine savings (ie FHOG + saved deposit). Jason Building a modified Platinum MKII with Blueprint Homes. House Plan Contracts Signed: 18/10/2010 Prestart 21/10/2010 Sandpad: 14/1/2011 Slabbed: 27/1/2011 Brickwork: 15/2/2011 Roof: 18/3/2011 Re: FHOG and deposits 4Nov 06, 2010 3:00 pm I got my FHOG after my slab stage; So I had to pay deposit for my land 10% and 5% deposit for my house before FHOG. Re: FHOG and deposits 5Nov 07, 2010 6:02 pm Most banks do require at least a 15% deposit. E.g: if you're looking at a H&L package for $350K you will need atleast $52,500 of savings plus you will also need money for stamp duty which is payable on the land. Re: FHOG and deposits 6Nov 09, 2010 6:41 am flagstaffIV Most banks do require at least a 15% deposit. E.g: if you're looking at a H&L package for $350K you will need atleast $52,500 of savings plus you will also need money for stamp duty which is payable on the land. Thats why I bought land separate.. $52,500 is a lot of money!! I had at least a year from when I bought the land to when I paid a deposit for the house.. much easier Re: FHOG and deposits 7Nov 09, 2010 5:52 pm My house and land is only $356000 and I was only required to save $9000 as I could then use my FHOG and my savings as my 5% deposit (with Suncorp). One recommendation is to make sure your mortgage broker submits your FHOG application (mine didn't) otherwise your bank won't necessarily approve the loan until that is approved and now I am waiting for my FHOG application to be approved (2 weeks after initially applying for the loan). Jason Building a modified Platinum MKII with Blueprint Homes. House Plan Contracts Signed: 18/10/2010 Prestart 21/10/2010 Sandpad: 14/1/2011 Slabbed: 27/1/2011 Brickwork: 15/2/2011 Roof: 18/3/2011 Thanks. I called VBA today and they said it was a Consumer Affairs issue, the old handball. Seems like the government organisations don't want to do their job at the moment. 2 7573 I recently went through a similar renovation and move scenario when updating our family home. We also swapped some rooms around and tackled a major… 2 10048 The HIA contract, in the term & conditions section states that "Commencment" is deemed when the drainage is started or the piers are dug or the slab is formed up (incase… 2 6182 |