Browse Forums Home Finance 1 Feb 19, 2009 2:01 pm I have heard that it's not possible, but is there any way around it?? I have always just accepted that I would miss out..... but maybe not.
I purchased land with my mum in 2007, it settled in Aug 2008. We own it outright. We are building and looking to start soonish. We are in the early stages and have not actually signed the building contract yet. But it will happen soon. The title is set up as Tenants in Common, 60% mum, 40% me. There will be a loan taken out to cover part of the cost of the build, we have approx 1/3 of the build cost in cash. Mum has owned propery before so is not entitled to the grant. Is there any way around it? Can the land be transferred into my name only and the build contract in my name only to enable me to get the grant? What are the legal implications of then transferring it back to Tenants in Common further down the track? Does anyone know if this is possible and the costs involved in the transfer of title? Jo I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Is there any way I can get the FHOG??? 2Feb 19, 2009 2:39 pm Yep that should be fine.
Quote: Am I eligible for the grant for the purchase or construction of a home even if I have owned or still own vacant land? Yes. You are still eligible for the grant even though you have owned vacant land prior to 1 July 2000 or still own it, as vacant land does not constitute a residential property. http://www.sro.vic.gov.au/sro/SROWebSit ... og_FAQ.htm If your mum is happy for the land, construction contract, and loan to go under only your name then there shouldn't be an issue. Not 100% sure if the loan needs to be in only your name or not but definitely the contract to build as that is the bit that gets sent with your application. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Is there any way I can get the FHOG??? 3Feb 19, 2009 2:40 pm Joles phone the SRO - they are really lovely (at least they are here in Newcastle). You don't need to give them any hard info just the basics - but they would be able to tell you straight out yes or no. Some things are worth waiting for. Re: Is there any way I can get the FHOG??? 6Feb 19, 2009 3:43 pm I reckon the land title would have to be transferred to just your name Jo. That would mean you would be buying 60% of the land so you would have to pay 60% of the stamp duty you paid previously all over again. The grant would be worth more than the stamp duty though so should come out ahead.
Did you have a lawyer look over the contract and give you advice before signing up? If so the lawyer may have been negligent for not structuring it properly. Give em a call but the stamp duty should be the only thing to pay. Dale. Building the Monaco 32 with Carlisle Homes Check out our blog for photos and progress reports: http://www.beigefreehouse.blogspot.com . Re: Is there any way I can get the FHOG??? 7Feb 19, 2009 4:14 pm When we bought the land, mum wnated it in both names. The FHOG was so much less than it is now and we didn't think it was worth my brothers hitting the roof thinking I was in charge of the inheritance.
Of course, we'd wnat to eventually change it back to both our names. I understand that mum's share has to be proptected inthe event of her death etc, and I do understand my brother's concerns. We've all seen these types of situations on ACA and Today Tonight. So once the house is built, and we go back to Tenants In Common, stamp duty would have to paid on that 60% again when it becomes mum's? Hmmm will have to look further into this. Thanks for all your replies guys. Does anyone have any recommendations of anyone that may specialise in this stuff?? I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Is there any way I can get the FHOG??? 8Feb 19, 2009 5:38 pm From what I see you need to own/occupy it for 6 months in the first 12 months.
So presuming you move in straight away, you can put it back under both names after 6 months. HOWEVER, there will be fees and such, duty perhaps, and it may affect the loan. So as I mentioned elsewhere, talk to a financial advisor first. Re: Is there any way I can get the FHOG??? 9Feb 19, 2009 9:37 pm It would be great if you could get it Jo!
When I bought my first property I had to live in it for 12 months, so maybe the law is similar with transferring it to Tenants in Common. Rachelle is seeing roof tiles ... I am seeing nice bricks! You might be able to afford both!!! "Your emotions are the slaves to your thoughts, and you are the slave to your emotions." — Elizabeth Gilbert Living in our new house. Currently scaping the land. Re: Is there any way I can get the FHOG??? 10Feb 19, 2009 9:42 pm good luck Joles, i really hope this happens for you!
Annie A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Is there any way I can get the FHOG??? 11Feb 20, 2009 7:04 am Ahh yes stamp duty, I tend to forget about that because the majority of first home buyers in NSW get their stamp duty waived! Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Is there any way I can get the FHOG??? 12Feb 20, 2009 11:33 am This might be something to ask your state's revenue office:
Quote: Can I build a home on land owned by another person? A person who builds their home on land that is part of land owned by another person can still be eligible for the grant. This will save you stamp duty. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Is there any way I can get the FHOG??? 13Feb 20, 2009 4:50 pm Fingers crossed that you are able to get it Joles Re: Is there any way I can get the FHOG??? 14Feb 20, 2009 6:08 pm joles Hmmm will have to look further into this. Thanks for all your replies guys. Does anyone have any recommendations of anyone that may specialise in this stuff?? Yes a lawyer. Re: Is there any way I can get the FHOG??? 15Feb 21, 2009 10:01 pm This is my first time on the site. A bit of background info. I have received the FHOG and have a couple of properties in my name and another in joint names with my partner that was bought as an investment, and she hasn't received the FHOG. Re: Is there any way I can get the FHOG??? 16Feb 21, 2009 10:10 pm oh jo will love this. now she can use her FHOG to buy a condominium in Vancouver!!!! "Your emotions are the slaves to your thoughts, and you are the slave to your emotions." — Elizabeth Gilbert Living in our new house. Currently scaping the land. Re: Is there any way I can get the FHOG??? 17Feb 22, 2009 7:46 am donuts oh jo will love this. now she can use her FHOG to buy a condominium in Vancouver!!!! Does that mean I have to sell the apartment in Prague??? Update to this situation: I won't be able to get it. I spoke to the SRO and the stamp duty that we'll pay to transfer the 60% to my name for the land, then the stamp duty we will pay to transfer 60% of the finished house back to mum will eat up the whole grant. Also, as mum is a retired pensioner, there becomes the problem of her having to show where her money/asset went and that becomes messy. So no FHBG for me. I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Is there any way I can get the FHOG??? 18Feb 22, 2009 9:22 am Hopefully though Joles you'll be able to keep your place in Cancun!!
Spewing about the FHOG, on another note, is your mum eligible for a stamp duty exemption or concession as she is a pensioner presuming she is receiving Centrelink benefits? Not sure of specifics but I know there is some form of concession available. Aaaaahhhh, the plot thickens..... So maybe, just maybe, it could work that she would not have to pay stamp duty on her portion, but then you could get the grant and still pay stamp duty, but still save in the long run, you'd have to do the sums... my head hurts after proof reading what I just wrote! Re: Is there any way I can get the FHOG??? 19Feb 22, 2009 11:04 am i forgot about the properties in prague and cancun! gracesmith has removed her sig so now i look like a dill
Zbogom to the FHBG then. oh well, it was worth a shot! "Your emotions are the slaves to your thoughts, and you are the slave to your emotions." — Elizabeth Gilbert Living in our new house. Currently scaping the land. Re: Is there any way I can get the FHOG??? 20Feb 22, 2009 3:12 pm joles So no FHBG for me. Bugger 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Yeah mine about 9 metres long and 8 wide with slope of 25% at one point but the end point of the outlet is past the side of garage and if he concretes allowing for… 4 4657 4 9236 I have a really long hallway which is 1100mm W x 11500mm L I would appreciate if anyone can give suggestions to light it up with Linear LED lights that goes from wall to… 0 9101 |