After a lot of searching and visits to lending institutions, i still can not find the answers to my questions.
Applicant is a 21 year old, never owned a home previously.
Lives and intends to buy in regional Victoria.
I understand, that if the applicant purchases land and/or a New Home (never been lived in)
He is applicable to receive the FHOG of $20,000 and Zero Stamp Duty payable on said purchase.
I understand he must live in this home and it is not to be used as a rental property.
But could he rent a bedroom or 2 to help him finanically?
Or perhaps AirBnb one room on a temporary basis? All while still living there and it being his Principle Place of Res.
Next… And what i'd really like to know.
What if he purchases an "existing property"…. What concessions is he eligible for?
Any First Home Owners Grant at all?
Stamp Duty on Existing Property, one bank told me if it is his first property, it is wiped to nothing.
I asked, what if it IS his first property, but he intends to get an Investment Loan and rent the property out?
Bank Manager said it is Stamp Duty exempt, then went back on his word and said he wasn't quite sure and that he never been asked.
So i thought i'd ask the good people of Ozbargain.
At least if someone could point me in the right direction for answers.
So you have:
New and Principle Place of Res (Home Loan): $20k Grant and No Stamp Duty
Existing and Principle Place of Res (Home Loan): ???? and No Stamp Duty
Existing and Investment Property (Investmant Loan): ???? and ????
New and/or Existing House and Principle Place of Res (Home Loan + Rent a Room): ???? and ????
Sorry, i hope that is not too confusing.
I ask, as it seems, he can not get enough money for a Brand New House, so we have to take what ever path allows him to get into the property market.
I'd really like to see him get the FHOG, but its only for people rich enough to buy brand new.
Not sure where you are searching, but I am not from Vic and found it in 5 minutes…
FHOG only applies to buying or building a new home. $10k for city, $20k for regional.
Duty exemption applies to any property (new or existing) for a first home buyer which will be their PPR, and is $600k or less. Sliding scale for duty between $601-750k.