Display home

by Sam
(Melton, Victoria, Australia )

Can u claim fhog if u purchase a display house that has never been lived in

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Sep 22, 2015
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Jan 15, 2012
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You can stay!
by: Elizabeth Elwell-Cook

Dear Property4Wealth,

Your comments are MUCH appreciated, and thank you for the participation! Welcome anytime! Please get in touch if you feel like it.

Regards.

Jan 15, 2012
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Beware Rent-Back arrangements
by: Property4Wealth

I'd echo what Bess has said and in regards to a builder offering to rent-back the property, don't be seduced by the thought of a high rent.

The contract will likely have a clause expressly forbidding ANYONE from living in the property while the display village is still operating and so the requirements to get the FOHG will not be able to be met.

Jan 15, 2012
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Buying a new home with the FHOG
by: Elizabeth Elwell-Cook

You can purchase a display home using your FHOG, as long as you live in it for six out of the first 12 months after you purchase it.

In fact, recent changes to the First Home Owners Grant say that if you purchase a new home, you will get the stamp duty concession, whereas if it is an older pre-loved home, you will no longer get this concession. This is to encourage more building.

Check whether this applies for display homes before you purchase.

One important thing to remember is the limitation on when you have to move in. If the display village wants to rent it back off you for a number of years, you might have a problem. Ask your conveyancer and the OSR (Office of State Revenue) governing this in your state.

If there is an issue raised by the delay to moving in that is usually caused by display homes, it may (again, check!) be possible to get around it by taking an option on the property and settling fully when you are ready to move in. Of course, the vendor (in this case, the developer) would have to be amenable to this concept as well.

Some developers are aware of the recent changes, and have been changing their marketing tactics to take people like yourselves into account, I have heard.

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