Browse Forums Building A New House Re: First home owners grant & boost. 41Sep 08, 2009 3:02 pm Email is good, but the most important thing is that the developer/builder will help you in case you need to appeal to SRO. I think having an official document puts you in a better position if the need to appeal arise. My builder gave a certificate that shows the guaranteed site start. Yeah, I'm also not sure how the bank will do a soil test now that the land is being worked on. They did caution me that they might need to do another soil test later. So maybe they will do a soil test near the block of land and do an official one later??? Since you have a home and land package, do you still deal with the developer or just the builder (or are they one and the same like Devine)? Re: First home owners grant & boost. 42Sep 08, 2009 3:40 pm Does the guaranteed site start certificate say that the site works will start on this date and slab will be poured in at this date? My builder refused to give any dates. They are saying that as soon as the land settles and they get building permits and unconditional loan letter from me they will start working. Can you please tell me what the certificate looks like? You can omit the specific details and post only the text here. This will help me to get my builder agreed on the site start. I don't have a house and land package, but the builder was talking about doing it a house and land package. I am not sure how it works but we have signed contracts with the land developer and we are going to sign contracts with the builder to build on this block of land. I better ask them how they are going to do it. Thanks. Re: First home owners grant & boost. 43Sep 08, 2009 3:52 pm SIL3Nt Hi I'm looking at buying my first home. My parents are willing to sell me one of their properties. I was just wondering if I can still get the first home owners grant? This is because I am not going to get a mortgage and instead I am just going to pay the cash straight to my parents monthly. Do you need to have a loan/mortgage to qualify for the grant? What papers/contracts are needed for the grant? thanks Nick I'm not sure you would qualify for the FHOG in this instance. I assume you mean your parents will keep their mortgage and you'll just start paying it off instead of them, right? So then I would assume that as the ownership of the house is not actually being transferred, then you couldn't actually claim to be the home owner. Your situation sounds more of just a rent-to-owner. However I would ask someone with more knowledge in the area. Call the FHOG people and see what they say. McBecks "Too much of anything is bad, but too much Champagne is just right." Building With New Generation Homes The Domain Vertu Estate, Harrisdale viewtopic.php?f=31&t=24884 - My building thread Roof is on! Plastering has commenced... Re: First home owners grant & boost. 44Sep 08, 2009 3:56 pm Tornado_ALIVE Are you able to use the FHOG grant as deposit now? I was told by our bank we must have atleast 5% held in our account for a minimum of 3 months to be even considered. The FHOG is just a bonus after you are approved and the forms are filed by the bank. Banks have tightened right up since the financial crisis. Not anymore, few, if any (none of the major banks) will allow you to use the FHOG as a deposit and you must show 5% genuine savings for 3mths before a bank will even look at you (if you're going for a 85 - 95% loan). How ever a bank will allow you to use your genuine savings + the x amount you get from the FHOG to apply for a 80 - 85% loan which means you don't need to show genuine savings. Although it's been a couple months since I applied so the bank policies may have been updated. ---------------------------------------- Building the PD Lisbon 24 http://www.porterdavis.com.au/#homeviewer/lisbon/24 Blog of our progress. http://lisbon24.blogspot.com/ Homeone build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=28665 Re: First home owners grant & boost. 45Sep 08, 2009 4:15 pm Jess09 No probs my lender (CBA) required council approved plans before they could issue the formal approval - looking back at my email trail they recieved my building contracts in mid june, council approval was received approx 4 weeks later, valuation was only ready a couple days after council approval, they then issued formal approval 2 weeks later, took another week to get the loan docs to sign, and then another 2 weeks to get the authority to commence construction So altogether CBA actually took about 5 weeks from reciept of council plans to authority to commence When you can start may also depend on your builders policy though - my builder required the authority to commence before they could issue a site start date, whereas your builder may be happen to start upon reciept of unconditional approval...it all seems so easy, but the banks always take longer than we think they will to process the paperwork... hope this helps guys Ours wasn't like this either with the CBA. We have got all the finance ready and waiting and the FHOG forms done all in the time we are waiting for our planning permit to be approved. So hopefully the council won't take too much longer so we can GET A MOVE ON !!!! Re: First home owners grant & boost. 46Sep 09, 2009 1:00 pm kunal Does the guaranteed site start certificate say that the site works will start on this date and slab will be poured in at this date? My builder refused to give any dates. They are saying that as soon as the land settles and they get building permits and unconditional loan letter from me they will start working. Can you please tell me what the certificate looks like? You can omit the specific details and post only the text here. This will help me to get my builder agreed on the site start. I don't have a house and land package, but the builder was talking about doing it a house and land package. I am not sure how it works but we have signed contracts with the land developer and we are going to sign contracts with the builder to build on this block of land. I better ask them how they are going to do it. Thanks. It just says Guaranteed Site Start of March 2010. It didn't say anything about when slab will be poured in. It's just like a half page size red cardboard with the builder's logo. There's info about the lot and the house model, my name and the guaranteed site start date. Re: First home owners grant & boost. 47Sep 10, 2009 1:31 pm TimmyDunlop Tornado_ALIVE Are you able to use the FHOG grant as deposit now? I was told by our bank we must have atleast 5% held in our account for a minimum of 3 months to be even considered. The FHOG is just a bonus after you are approved and the forms are filed by the bank. Banks have tightened right up since the financial crisis. Not anymore, few, if any (none of the major banks) will allow you to use the FHOG as a deposit and you must show 5% genuine savings for 3mths before a bank will even look at you (if you're going for a 85 - 95% loan). How ever a bank will allow you to use your genuine savings + the x amount you get from the FHOG to apply for a 80 - 85% loan which means you don't need to show genuine savings. Although it's been a couple months since I applied so the bank policies may have been updated. You can use the FHOG as your deposit with some of our lenders however it is subject to many additional criteria under Non genuine savings policy. Your characteristics such as your residential and employment stability as well as Assets & Liabilities and how active you have been in applying for finance all have a major say in lenders (more so the Mortgage Insurance company) accepting you. I would say the difficulty level for No genuine savings home loans is about the same as No Deposit home loans were in the period 2000-2008. Re: First home owners grant & boost. 49Sep 10, 2009 1:45 pm Of course the maximum any lender will lend these days is 97% including mortgage insurance. I should also mention that minimum deposit requirement is 5%. Re: First home owners grant & boost. 50Sep 16, 2009 6:50 am Hi, I followed this topic, I am in the process of signing a contract with a builder before the end of the month (BTW, they just set a date to come in and sign, I requested upfront a copy of that contract to read before, is this uncommon? I want to know before what I sign and being able to add/change details). As thy all promise a lot, I just hope they start before March in order to allow for the grant of 32K (Victoria). I didn´t spend much time on that subject yet, I just was told it is like this (we quite rushed, it was actually not planned to build before end of next year, but friends pushed us mentioning that grant; hence I found myself much earlier being busy, planning and arranging a house, loan...). My broker sent me these days a form for the grant but I am not sure (went briefly through it last night) if it is the right/only one I need to complete (BTW, is the broker supposed to assist with this?). I just googled and it looks like I received following (in paper): http://www.realestatedocuments.com.au/s ... n_Form.pdf Is this the only form to get the complete grant of 32K or is there any other/additional one? Would appreciate any quick answer. Regards, Chris Re: First home owners grant & boost. 51Sep 16, 2009 11:32 pm I wouldn't google and find the First Home Owners Grant application form from a random web site. You should download the form from your relevant state government department. Not knowing which state you are in, I am unable to provide a link here. If you follow Our Links, Stamp Duty menu item on our web site, you can find links to all State Revenue offices. Once you go to the relevant site, you can download the correct First Home Owners Grant form there. To answer your other question, yes your mortgage broker can and should assist you in lodging your First Home Owners Grant application through your lender so that you can have the grant payment ready much earlier. Re: First home owners grant & boost. 52Sep 17, 2009 11:18 am cwoern My broker sent me these days a form for the grant but I am not sure (went briefly through it last night) if it is the right/only one I need to complete (BTW, is the broker supposed to assist with this?). I just googled and it looks like I received following (in paper): http://www.realestatedocuments.com.au/s ... n_Form.pdf Is this the only form to get the complete grant of 32K or is there any other/additional one? Would appreciate any quick answer. Regards, Chris Go to the SRO website and it will have the correct form on there. But double check with you broker as our lender at the bank gave us ours. So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27693 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16263 11 41615 |