Browse Forums Real Estate 1 Jan 25, 2011 3:39 pm Hi All The past few days I have been trying to determine what needs to be in place for my daughter and I to be eligible for the first home owners grant. After speaking to realestate agents, financial advisor, builder, local council and office of state revenue I am completely confused. Here is what I am hoping to do: >build a duplex where my daughter & i have a separate contract with builder >each have our own individual mortgage on property >at no stage our names are together on either the contract to build OR on the loan to build We both fulfil the eligibility criteria as far as 18+yrs, never owned etc before etc etc. However, I think there is a problem as far as the title holder of the property. Admittedly I have next to no knowledge here and I am hoping that someone may be able to shed some light on this for me? I am hoping that if we each have our own contracts etc that we should be entitled to the first home owners grant. Would it be best to subdivide? (a very costly & long process) Apply for dual occupancy?? (could we still each qualify for the first home owners grant) Apologies in advance, I am just at a complete loss and don't even know where to start...each of the agency/dept I have spoken to seem to talk in circles and it has proven to be somewhat difficult to get a straight answer. Kind regards Re: First owners grant for duplex/dual living? 2Jan 25, 2011 4:38 pm Need a bit more details 1. Im guessing the duplex will be under one title? 2. At any stage is anything under both names -land title, mortgage, The land mortgage? 3. im guessing your BOTH eligible for the grant ( both you and your daughter never had another property before etc)? Im a mortgage broker, so i fill out FHOG on a weekly basis- im no expect when it comes to FHOG - but give me a call on 1300 745626 (ask for michael) if you want some advice. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: First owners grant for duplex/dual living? 3Jan 25, 2011 5:31 pm [quote="shape"]Need a bit more details 1. Im guessing the duplex will be under one title? 2. At any stage is anything under both names -land title, mortgage, The land mortgage? 3. im guessing your BOTH eligible for the grant ( both you and your daughter never had another property before etc)? quote] Hi Shape, Thank you for your reply. 1. I was told by the local council that we could still apply to have separate titles without having to subdivide?? No sure exactly what that will mean in terms of FHOG. 2. Mortgage - separate; land title - unsure, possibly both names if we could still get FHOG 3. Yes, we are both eligible for the grant. Re: First owners grant for duplex/dual living? 4Jan 26, 2011 12:41 am ummm ok, correct me if im wrong- You bought a land under your name ( a long time ago???), now you want to build 2 property on this land. one of the home will be owned by your daughter ( in term of building cost etc) and the another by you, did i rephrase your situation correctly? If that is the case, buying your own land is already considered a "property" as per FHOG definition page 6 of 8 ( application form) - so you won't be able to apply for the FHOG. But if you bought this land recently and now want to build on it, that's a different story as you can consider it as " one" property transaction still, But you both won't be eligible for two FHOG, just one. As you will still have "financial" interest on your daughters building due to you being the owner of the land/ land tax. Only way i can see you BOTH getting two FHOG is for a subdivision, and you "selling" one part of your land to your daughter but this is a very very costly matter- stamp duty for sale, capital gain tax if any... Regards, Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au A lot of those Covenants are put in place at the time the Developers are still involved and marketing a certain look and they get ignored or expire after a time. If the… 1 3328 Give Jonathan a call. Tell him you know me. He is in my opinion the best surveyor I have ever worked with. His number is 0425 285 622 All the best Simeon 3 13081 2 6601 |