I was under the impression, as have all other people I've spoken to (and all these sales reps) that the FHOG was able to be used in conjuction with your savings as part of the deposit...
Does anyone know if this is now not an option?
Browse Forums General Discussion 1 Sep 17, 2012 8:03 pm I was under the impression, as have all other people I've spoken to (and all these sales reps) that the FHOG was able to be used in conjuction with your savings as part of the deposit... Does anyone know if this is now not an option? FHOG as part of deposit? 3Sep 18, 2012 6:49 am Not really most banks want to see at least 5% genuine savings as a deposit, then when you mortgage fact sheet comes through it will show amount borrowed less deposit less fhbg etc. our broker advised us it's gobbled up in fees etc. also you need to note if you buy land separately and it's your first house you pay stamp duty on the land and then when you start building you claim it back. PPA 30/6/12, Land 28/06/12, Contract 7/9/12, Valuation 11/9/12, Prestart 13/9/12, Settlement 18/10/12, Building Permit Issued 18/10/12, Footings 30/10/11, Slab 31/10/11 Re: FHOG as part of deposit? 4Sep 18, 2012 8:31 am We had to show 5% genuine savings to the bank and then we used the fhog as the rest of our deposit which took it to over 10%... Most banks do want to see 5% 'Genuine' savings but maybe a good mortgage broker could point you to a bank that will allow the FHOG only to be used as the deposit Re: FHOG as part of deposit? 5Sep 18, 2012 9:04 am Thanks all. We didn't want to use fhog as the whole.deposit. We have saved enough so that with fhog our deposit is actually a bit over 5%... but they obviously want 5% genuine. Gah! Puts me back a few months really as even the finance person I'd spoken to, thought ut could be used. Re: FHOG as part of deposit? 6Sep 18, 2012 9:52 am We used the FHOG and the QBBG back in April as nearly our whole deposit. There was only one bank who would allow us to do that, and they were extremely strict with their valuations and were quite a nightmare the whole process (the land that was supposed to settle at the beginning of May didn't settle until the end of July) but we got there in the end. I'm not sure if that will change now that it's really just a building boost but we definitely did it! We did have to put in an extra couple of thousand at the end because there was a slight shortfall, but that was it. Stelle 1st build: viewtopic.php?f=31&t=59376 *New*-2nd build: viewtopic.php?f=31&t=70324&p=1154282#p1154282 Re: FHOG as part of deposit? 7Sep 19, 2012 4:37 pm I got this in 2007 in QLD and I didn't get the grant until it settled and after I'd moved in. Re: FHOG as part of deposit? 8Sep 20, 2012 11:02 am Yeah, I used the FHOG to bring me down under the LMI target (from 82%). That didn't cause any problems, though the 35k under-valuation bumped me straight back over 80% before I switched lenders. Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4814 |