Browse Forums Building A New House 1 Jun 10, 2014 9:16 pm Hi All, I am building a house in Western Australia and everything seems to be going the right way until today. In Feb 2014 i received the build contract for the value of 370,000.00 and was sent to get financial approval which all came back OK. I then applied for a FHOG and that came back OK with my lender carrying out a valuation on the land and the building Contract. My land cost 370,000.00 when I purchased it in 2013. The lender outlined that the true value of the land and build is 740,000.00 and issues us with $10K FHOG. Since then we have just received our pre-start contract today, and we have gone over in Price by $30K with things we really want to have in the house. I know have the issue where I am not sure if I still will be eligible for the FHOG with the final construction build reaching 400K? I have not contact FHOG or the bank, but i need to get this sorted, and wanted to see if anyone else has been in the same situation? Please help!! I am really stressed, and i am new to all this in Australia as I have only been her for 6 months. Thanks Jess1v Re: First Home Owner Grant - Question 2Jun 10, 2014 9:48 pm For WA FHBG, the cap is 750k. If you are spending more than that, unfortunately you won't be eligible for that. However you can apply for the grant for your next build. I would keep the loan amount below 750ks by putting 10k for prestart, save money as the building process goes (which will take a year) and use it finishing off the house. The key to cut down 20k will be taking out all the up gradations which can be done later (splashbacks, LEDs, not going through the builder for flooring, painting and window treatment and submitting cheaper quotes for now etc). I would suggest you speak to your mortgage broker about this if feeling stressful Re: First Home Owner Grant - Question 3Jun 10, 2014 9:52 pm Thank you Ozlizz, I think I will be speaking to Office of State Revenue tomorrow. I wish this was explained to be from the start, as now I look like I have breached the FHOG application and applied for the loan Re: First Home Owner Grant - Question 4Jun 10, 2014 10:00 pm you must be south of the 26th parallel. if your first home purchase is reaching $740k, have you considered that the 10k FHOG is probably the least of your worries? I say this for two reasons: 1. 740k is a lot of money. if you can afford that for your first home, you can forgo the 10k government grant. 2. if you're stretching to make mortgage on 740k, then you should perhaps consider a smaller mortgage so you can qualify for the FHOG. I cant imagine another 30k worth of stuff that is a must have in an already 370k house...especially for a first homeowner. If you are looking to amend your application to now include the extra 30k, you probably wont qualify unless you move north of the 26th. Unless the land you bought really isn't part of the deal as a "package", then i dont see an issue, but that would be up to the department of finance. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: First Home Owner Grant - Question 7Jun 10, 2014 10:35 pm Ozlizz Ponzu Nope. Thanks Ponzu for correcting..one can't have FHBG if has owned a PPOR after July 2000. yeah i figured this wasnt an investment because of the concern of not being eligible and also for the aditional 30k must haves. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. 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 27716 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 7138 |