Browse Forums Home Finance 1 May 26, 2014 10:39 am Hi guys, First post after reading through this amazing forum researching everything I need to know for an upcoming (hopefully) build! So, my missus and I are looking to purchase land and build at the end of the year, in QLD. She has previously owned property, I have not. We are not married, nor 'de facto' as we have not lived together long enough. Upon mentioning this to a project builder salesperson in a display home, they mentioned this was very common and they have done plenty of applications like so. I understood the loan was in both names but the house/FHOG just in the one name? I think... A broker we have started talking to said as the missus has owned property before, we are not eligible, but I will have a reduction in stamp duty. Has anyone else been in this situation and can shed some light on this for me? Much appreciated bundyjr Re: FHOG Question - One eligible person in couple 2May 26, 2014 10:44 am You are not a First Home Owner if your partner/other name on the block has been a previous home owner. Owner Building at Jimboomba Woods in Logan City Qld. Blog : http://bandlnewhomebuild.blogspot.com H1 thread : viewtopic.php?f=38&t=68283 . Re: FHOG Question - One eligible person in couple 3May 26, 2014 10:47 am I do understand that, but the salesperson (who did say they have done this plenty of times :s) said it was a non issue... Hopefully someone has done it... Might change some plans otherwise... Re: FHOG Question - One eligible person in couple 4May 26, 2014 10:56 am It's a non issue for them, because they arent the ones who have to pay it back once it's found out... And yes, people do get found out.... Not only do they have to pay it back, but they are fined on top of that as well. Regular audits are done via Land Titles cross referencing and people get sprung. There is ways and means around everything, but the question is, is it worth it? I was in the same position, I owned property previously - had a breakup and sold up, cleared the slate and just rented again on my own. Then I met my partner (now husband) who hadnt owned before and we wanted to buy a home together... He was not eligible for a FHOG because of me. It's just one of those things... Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: FHOG Question - One eligible person in couple 5May 26, 2014 12:20 pm The salesperson is there to make you buy and will tell you anything you want to hear to make you sign and I doubt they have any real idea on what is possible or not. So take what they say with a grain of salt. The truth is that all applicants applying for the FHOG need to complete the form. If your partner is an applicant then you are ineligible. With the exception being if their previous property they owned was purely an investment property that was never lived in and was purchased after 2000. That is a loophole that isn't well known. If your partner is not an applicant (i.e. doesn't have their name on title or loan), then you still need to include any spouse/de-facto on your behalf, and this is where it may become a grey area as they need to meet the definition of "spouse/de-facto". Your best bet in this case would be a solicitor. However going down this path may lead to problems as would your partner allow this arrangement to happen because if things go sour down the track what sort of recourse do they have? Here's the website for the FHOG in QLD which may shed more information. https://greatstartgrant.osr.qld.gov.au/ Re: FHOG Question - One eligible person in couple 6May 26, 2014 2:11 pm Quote: If your partner is not an applicant (i.e. doesn't have their name on title or loan), then you still need to include any spouse/de-facto on your behalf, and this is where it may become a grey area as they need to meet the definition of "spouse/de-facto". This is the part I am looking at as they define de-facto as having lived together at least two years, of which we haven't. I will find out as much info as I can and will keep this thread updated. Thanks for the help so far. Re: FHOG Question - One eligible person in couple 7May 27, 2014 1:11 am bundyjr Quote: If your partner is not an applicant (i.e. doesn't have their name on title or loan), then you still need to include any spouse/de-facto on your behalf, and this is where it may become a grey area as they need to meet the definition of "spouse/de-facto". This is the part I am looking at as they define de-facto as having lived together at least two years, of which we haven't. I will find out as much info as I can and will keep this thread updated. Thanks for the help so far. Just take note if you do end up taking this path and it is okay, then your partner cannot be on the loan. Banks will only allow someone on a loan if they are deemed to have a relevant interest on the property. That means they must either be on title or they must be a spouse. They don't allow friends, acquaintances, etc. Therefore you would need to be able to service the loan by yourself. Cheers Tom Re: FHOG Question - One eligible person in couple 8May 29, 2014 7:45 am bundyjr Quote: If your partner is not an applicant (i.e. doesn't have their name on title or loan), then you still need to include any spouse/de-facto on your behalf, and this is where it may become a grey area as they need to meet the definition of "spouse/de-facto". This is the part I am looking at as they define de-facto as having lived together at least two years, of which we haven't. I will find out as much info as I can and will keep this thread updated. Thanks for the help so far. ..but your partner is on the title as well...when you apply for the grant it's based on the full ownership - so all party involved. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: FHOG Question - One eligible person in couple 9May 31, 2014 7:23 pm If you haven't lived together for longer than 2 years and your 're not married then yes she isn't your defacto. You are technically eligible. But everything will need to be in your name, I would say even the entire lone. Re: FHOG Question - One eligible person in couple 10Jun 01, 2014 9:32 am In NSW (not sure about other states) you can have previously owned property if you haven't lived in it (as in it was an investment property). if it's in your name only you should be OK assuming the defacto defenition. The defacto point is mute if it's in both names. Is your partner OK with it being in your name only? Re: FHOG Question - One eligible person in couple 11Jun 01, 2014 9:37 am Another option to consider is to place the property in your name only and use your partner as a guarantor. But there are massive downsides to this for your partner if the relationship goes sour. Re: FHOG Question - One eligible person in couple 12Jun 01, 2014 2:02 pm Extreme Another option to consider is to place the property in your name only and use your partner as a guarantor. But there are massive downsides to this for your partner if the relationship goes sour. You will be reluctant to find a lender that will allow a guarantor that isn't a family member. In the OP's case the partner will only be allowed to be a guarantor if they are considered a spouse or on title, and then the FHOG eligibility is nullified. In this case they might as well be a co-borrower instead of guarantor. Cheers, Tom Re: FHOG Question - One eligible person in couple 13Jun 01, 2014 3:30 pm If you can afford the loan under your name only, than you can apply for the loan under your name only- but that's beside the point....the point is your " friend" is on the TITLE as well...so from the OSR perspective they look at both "applicant", the OSR doesn't care about the loan infact you can buy this outright with cash and you will have the same questions/probelm....so you might get half or none of the grant etc... Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Very common on rendered homes Smaller suppliers get the lower quality raw materials 6 11803 4 14129 That is a really good attitude Akin to you catch more flies with honey than vinegar. I do enjoy watching that tik tok inspector from Victoria but he does go a little… 12 81766 |