Browse Forums Home Finance 1 Feb 22, 2010 5:20 pm I purchased an off the plan apartment mid last year which will be settled in a few months. My mortgage broker says that if I borrow 80% I am able to get the FHOG at settlement but if I decide to borrow 90% I will only get the FHOG after settlement (apply for it after settlement and get it a few weeks later). Is this true? Is it the same whether I borrow through a mortgage broker or through a bank? Why is this the case? Re: FHOG at or after settlement? 2Feb 22, 2010 8:43 pm sista I purchased an off the plan apartment mid last year which will be settled in a few months. My mortgage broker says that if I borrow 80% I am able to get the FHOG at settlement but if I decide to borrow 90% I will only get the FHOG after settlement (apply for it after settlement and get it a few weeks later). Is this true? Is it the same whether I borrow through a mortgage broker or through a bank? Why is this the case? It's the same whether you apply to a lender through a broker or direct to a lender. Broker prepares the FHOG application and hands it over to the lender to lodge. What you were told about 80% or 90% does not make sense without further information, though. Re: FHOG at or after settlement? 3Feb 25, 2010 5:37 pm Hey Sista, My only thoughts are that the lender that the mortgage broker is looking at has a policy allowing them to 'advance' the fhog amount to you as the client at settlement and then the lender recoups the fhog back from the office of state revenue afterward if you are not in mortgage insurance territory ie. 80%. And the opposite policy if over 80% the lender will NOT advance the fhog at settlement so you then need to wait out until the office of state revenue pays the fhog out. I am with THLO though. This doesnt sound right without more info. The normal process at any LVR is that the lenders certifications team will get 'approval' from the office of state revenue prior to the settlement date that the applicants are eligible for the fhog amount as per the application and then fund as such at settlement. Without knowing who the lender is that the broker is looking at I couldnt offer anything more than general advice Im sorry. Regards, Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 Re: FHOG at or after settlement? 4Mar 03, 2010 10:34 am I am with Trent and thlo on this one. I always lodge the FHOG application with the lender and it is paid at settlement regardless of the LVR. I can't think of any reasons why this wouldn't be the case. Patrick O'Brien Yes, I have. But, I haven't paid yet. They know they did not do proper jobs and I sent the email re: final payment, I cannot pay. They said, we will do 2nd PCI. Since… 2 5483 We were lucky in that our old house was so small (86 square metres) compared to the new house, they were able to take enough readings around the old backyard house before… 8 37077 The concreter will take and reuse. In my case I bought structural LVLs and scraped them back and used them as joists. 1 5150 |