Browse Forums Home Finance Re: 1st Home Owners Grant 42Aug 14, 2009 1:05 pm Am I correct in assuming that if we follow all guidelines and requirements and go for the FHOB through an approved agent, then we get to keep the full $32000 for constructing a new home? The bank or builder does not get any of this? We're signing the building contract mid september and building in Feb. We are eligible but I just wanna make sure we get to keep the full $32k without anyone getting any of it (the bank or builder etc). Life is; then you tell yourself a story. Re: 1st Home Owners Grant 43Aug 14, 2009 4:06 pm We recently signed are contract and have just got the final approval from the bank for the go ahead. Now our lender explained the whole progress payment to us as we are paying in 3 different methods: 1. Home Loan 2. FHOG 3. Savings Now we have paid the builder his 5% deposit. Our lender has told us that we pay all that we have first before we use the money from the bank. But I'm worried if we do it this way we will use all our money in our savings (which we don't want) as we want about $11,000 left for floor coverings. I'm a bit confused on everything We don't want to put all our money on the loan as we have enough to have savings after. And how will we be able to use the FHOG if we don't get it until the first progress payment.....??? Can anyone help?? Or has anyone had the same experience?? First Home Owners Grant advice 44Aug 14, 2009 4:20 pm JJ305, you only pay your contribution first (not all you have) then FHOG is drawn by the bank / lender and paid to the builder and after all that is done the bank / lender will start advancing funds from your loan. The amount of your contribution would have been discussed and you should be in a position to have this in writing from your lending consultant (be it bank staffer or a mortgage broker). First Home Owners Grant advice 45Aug 14, 2009 4:26 pm oze Am I correct in assuming that if we follow all guidelines and requirements and go for the FHOB through an approved agent, then we get to keep the full $32000 for constructing a new home? The bank or builder does not get any of this? We're signing the building contract mid september and building in Feb. We are eligible but I just wanna make sure we get to keep the full $32k without anyone getting any of it (the bank or builder etc). oze, of course you get this amount if you are not relying on the grants to pay for part of the construction. If you are not relying on the first home owners grant and boost as well as other state based benefits, supplements etc, these funds get paid into your account by your lender. I have had customers whose grants were deposited into their offset accounts by their lender as they used their own savings for the first progress payment. Don't forget the grants don't get paid until the first stage (foundation or slab) of your building is complete. And that is if you are applying through the lender via your mortgage broker. Hi there, We’ve recently had plans approved to add a 1st storey addition to our existing house for a growing family in Sydney. With the current cost of building… 0 4296 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 16276 From what I know about water tanks (I've been working with a client on them for a few years now) is this - The concrete can last a lifetime if they don't crack for some… 2 10630 |