Home And Land Package questions?

LDesmond92 on 22/03/2019 - 10:10

Hi Everyone,
In September 2017 i signed a contract for a home and land package, assuming i would take advantage of new government reforms for first home owners after July 2017 i.e $10000 grant, no stamp duty for homes up to $650000, no premium on LMI when borrowing more than 80%.

However due to our land and construction being separate contract, I had to pay stamp duty for my land when it was registered in August 2018. Now I am in building stages of my home and was wondering if I am eligible to claim the FHOG now during building stages? or usually that is after building finishes? Furthermore does the abolished 9% insurance premium on Lender's mortgage insurance applies to me since I technically bought a home and land package but it turns out to be two separate contracts instead so a land contract and building contract?

any help would be great
thank you !

Home & Garden

Comments

stirlo on 22/03/2019 - 10:17

What state are you in? I'd assume the grant would be available on completion and not sooner (so doesn't help your situation) but without knowing what laws/policies apply its impossible to know
Typical16-bitEnjoyer on 22/03/2019 - 10:26

+3

What did you conveyancer say when you asked them?
- theHMASfriendship on 22/03/2019 - 11:01
  
  +1
  
  What Would Ozbargain Do?
Mentallysick on 22/03/2019 - 10:27

You get your FHOG as soon as the handover is done.
abb on 22/03/2019 - 10:32

+2

assuming

You're probably well aware of this by now, but there's your mistake. When spending half a million (plus), you shouldn't assume ANYTHING.
deveshwar0 on 22/03/2019 - 11:51

If you're in VIC:
Your FHOG can be applied through your bank once you have the building contact and the land is titled. No need to wait for the construction to start.
If you're applying independent of the bank then you'll have to wait until you have the occupancy permit.
Once you have the UIN (FHOG approval number), you can apply for the stamp duty to be refunded.
Don't know what the LMI waiver is about. Care to shed some light on that?
- Mentallysick on 22/03/2019 - 11:56
  
  LMI waiver is about waving the loan mortgage insurance.
  - deveshwar0 on 22/03/2019 - 12:01
    
    yes, but under what circumstances?
    - Mentallysick on 22/03/2019 - 12:03
      
      circumstances when you get loan above 80%
      - deveshwar0 on 22/03/2019 - 12:05
        
        @Mentallysick: You really are on a roll here.
        
        Mentallysick on 22/03/2019 - 12:05
        
        +1
        
        @deveshwar0: roll means?
        
        deveshwar0 on 22/03/2019 - 12:08
        
        @Mentallysick: Not going any further. Now you're just trolling.
djkelly69 on 22/03/2019 - 13:23

I posted a response in your whirlpool thread, cant be bothered going again.
WreckTangle on 22/03/2019 - 19:29

+1

I think i got fhog when slab was poured (vic)

Home And Land Package questions?

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