Browse Forums Building A New House 1 Jul 26, 2010 3:45 pm Hi people just wondering if anyone has info on the first home owners grant, i will recieve 20k as im building my first home. What i would like to know is what happens with the 20k what does the bank take and what do i actually recieve myself, do i see any of it or no? Any help will be great thanks Re: First home owners grant $$$ 2Jul 26, 2010 3:54 pm Hi S&M, You probably need to say which State you are in to get any specifics but what normally will happen is that your bank (assuming you are getting a mortgage) applies for the grant as your agent so the $ is then paid directly to them and they use it to make your first stage payments (which will be the base stage). So no you don't really ever see it but it does decrease the amount you have to borrow. Hope that helps Re: First home owners grant $$$ 4Jul 26, 2010 4:09 pm Yeah I'm in Victoria too. Hate to break it to you but if you filled in paperwork for the bank to claim the FHOG on your behalf then you don't ever really see it. Otherwise if you didn't factor the FHOG amount into your loan when doing the calculations of how much you needed to borrow then you should have some $ left over at the end of the build But remember if your bank's not claiming the FHOG for you you don't get paid it until the house is complete. Re: First home owners grant $$$ 5Jul 26, 2010 4:17 pm well my bank said they will get me my FHOG but i will only recieve it once my slab is down but im hoping i will get something from what he said to me is that i will get some but you know how banks are they let you hear what you wana hear and then later on they screw you around Re: First home owners grant $$$ 6Jul 26, 2010 4:25 pm S&M well my bank said they will get me my FHOG but i will only recieve it once my slab is down but im hoping i will get something from what he said to me is that i will get some but you know how banks are they let you hear what you wana hear and then later on they screw you around The bank told us the same thing unfortunately, but then ours was used for our frame stage payment, and we recieved the difference into our bank account. Dear J.K. Rowling, Your books are entirely unrealistic. I mean, a ginger kid with two friends? Sincerely, Anonymous Re: First home owners grant $$$ 8Jul 26, 2010 4:50 pm S&M oh ok was the difference a big amount or was just a small portion these banks wont give you anything true? Well the banks can't take any of your money, it will just be used for the house.. as the FHOG was intended for... I'm getting the FHOG after slab and it's coming off the frame progress payment. Re: First home owners grant $$$ 9Jul 26, 2010 5:04 pm You should be able to tell from your building contract how much the base stage payment is; simply deduct that amount from the $20,000 you will be receiving. I received a larger FHOG and the entirety of it was used up by my slab stage payment. As I said earlier it depends on what you have instructed the bank you want to do- use the grant to form part of your contribution to the loan or only use part of it and give the rest to you. To be honest if I were you I wouldn't count on actually seeing (in cash terms in my bank account) any of that money. Re: First home owners grant $$$ 10Jul 26, 2010 5:59 pm S&M oh ok was the difference a big amount or was just a small portion these banks wont give you anything true? Only a few thousand, think around $3,000, and we recieved the larger grant of $32,000 At least we can put it towards the landscaping, which is fantastic. As grom40 said, and with you recieving the $20,000 grant, if it's used for a stage payment, unfortunately you wont see a cent. Dear J.K. Rowling, Your books are entirely unrealistic. I mean, a ginger kid with two friends? Sincerely, Anonymous 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 27694 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 16268 11 41616 |