Browse Forums Home Finance 1 Jul 19, 2009 11:35 pm Due to what we think was a major stuff up at the bank (CBA) our loan has now been created as an investment home loan (the papers are signed). The bank is now saying this means we need to apply for the FHOG directly at occupancy rather than through the bank for first draw down of the loan. Does anyone know if this is correct? Does the loan type really make a difference or is the banker just trying to cover their mistake? Just trying to work out if its worth going above their head and causing waves... Re: FHOG and investment Home loans 2Jul 20, 2009 12:06 am I personally would be getting the Bank to resubmit the loan as an owner occ. The only reason I say that is that with the FHOG it states that it is your intention to make the dwelling your permanent residence within 12mths of purchasing / construction - or something to that effect. Should the govt get narky they could say that your intention was always to use the property as an investment property and therefore you will have to repay the grant as well as be charged any applicable stamp duty etc. It really is not a big deal to resubmit the loan as an owner occ - unless for some reason they needed to include a rental income as part of your income / outgo figures. Some things are worth waiting for. Re: FHOG and investment Home loans 3Jul 20, 2009 12:27 am whoa this is a very tricky situation. First you need to review your loan docs to see there is an imcome figure for rent, second you need to see what product is selected. If you went through a broker get knocking on his door right away Basically what it means if your building you would have got the grant at slab stage, now your getting at occupancy, more interest for the bank! Stuff the bank and dont be afraid to see the branch manager directly and dont take no for an answer if it was truly a mistake Post how you go as well Re: FHOG and investment Home loans 4Jul 20, 2009 1:01 am I agree with the above. Check the application. If the bank hasn't taken rental income into consideration and your application was based on your salary only you should be fine. They should be able to Switch the product to the correct one. i.e. owner occupied. Make sure they do not charge you to do this. If you have no luck with the person you initially dealt with keep taking it further until you get action. You don't want anything to affect your FHOG eligibility. No Grant for investment Home loans 5Jul 20, 2009 2:38 am As the use of a government grant for owner occupiers is fundamentally opposed to obtaining a home loan with an investment declaration, the lender has no choice. They would normally submit your First Home Owners Grant application for the payment of the grant to coincide with the settlement of your loan if the loan was actually set up meeting the requirements of the grant. There is a contradiction if you signed your loan application with the Business Purpose Declaration and the declaration in the FHOG application. It would seem the person who prepared your loan intentionally did this as it is not something you would accidentally do! Re: No Grant for investment Home loans 6Jul 20, 2009 8:56 am Thank you everyone for your views. The extra interest isn't going to be that much so really isn't such a big deal. However possible problems later are! thlo As the use of a government grant for owner occupiers is fundamentally opposed to obtaining a home loan with an investment declaration, the lender has no choice. They would normally submit your First Home Owners Grant application for the payment of the grant to coincide with the settlement of your loan if the loan was actually set up meeting the requirements of the grant. There is a contradiction if you signed your loan application with the Business Purpose Declaration and the declaration in the FHOG application. It would seem the person who prepared your loan intentionally did this as it is not something you would accidentally do! Re: FHOG and investment Home loans 7Jul 20, 2009 11:12 pm I am more worried about you losing your consumer rights under the Uniform Consumer Credit Code by ending up with an investment loan. 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 8013 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 31769 ideal house depends on the site and location as much as internal floor plan....what is the distance from the house to all four boundaries, where is north, describe your… 3 10189 |