Just wondering when the first home buyers grant is given to you? And how? Is the funds just deposited into your account or how does this work?
Cheers
How/ When Is Home Buyers Grant Given to You?
Mafoo on 06/05/2015 - 22:17
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When i had the FHB grant. The bank took it on my behalf as part of the loan deposit. So i never had to do much regarding it.
The bank is able to apply for it on your behalf, and some, but not all, will accept it as part of your deposit.
If you have to do it yourself, as we did, because the bank refused to do it, you'll have to wait until after settlement, and from memory it took about 3 weeks.
In QLD
- If you apply yourself, it mostly is given after settlement or not processed fast enough to draw on slab (was told by bank/broker).
- If you let your broker/bank apply, they can draw it on slab payment.You get an invoice from your builder for the slab. Say $50,000. Lets assume you are entitled for $15,000 FHOG. The bank is able to draw it on slab, so the bank will then put the $15,000 FHOG first towards the $50,000, then add $35,000 from your loan account to pay the builder.
None of the big banks I know of will take FHOG as your initial savings, Genuine savings is what they are after.
Thanks for all the help guys :) I'm actually wanting to buy a house that's already built though
Years ago, it was done at settlement (pre-established house).
My cousin brought a house and the lawyer didn't fill in and submit the paperwork at settlement, we had to then do the paperwork ourselves and the SRO sent us a cheque. This was about 2 years ago, don't know if anything has changed.
http://www.sro.vic.gov.au/sro/sronav.nsf/childdocs/-98E8944DC5A0C753CA2575D100047764-62AE8FFFC6A03A7ECA2575D100049B29-964A011040DA2AB7CA257B98001C7965/$file/FHOG-Form-02.pdf
It given to you when the house slab is down and usually done by the bank you are with is what i was told . Have not myself started the process yet so i am not 100% sure.Also depend how you use the First Home grant can be used as the deposit for the loan on land/construction or deposited into your account.