WHAT DO I DO. Sell the property??

I plan to buy the property under my name and was approve the First Home Owner Grant and intend live with my partner who is not a resident. However the application for PR was rejected and could not afford to live in the property by myself.

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Sep 03, 2015
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Feb 26, 2012
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When you can't afford to live there, what do you do?
by: Elizabeth Elwell-Cook

You're in a difficult position, I can see. Terribly sorry to hear that your partner's permanent residency was rejected and this has left you in difficulties.

Have you spoken to a financial adviser about this? Or to your lawyer?

Here is the thing: to keep your First Home Owners Grant, you must live in the property for six months out of the first twelve. Otherwise, you will be asked to hand it back.

I don't know where in the process your partner's residency was rejected, but here are a few suggestions (please take professional advice before taking any of these into action!):

IF you can manage to live in the property for six months, you can still keep your grant.

After that, you can do what you like with it. You have several options, of which these are the first which spring to mind:

You can have the property revalued, and see if it is worth selling it. Will you get something out of it in terms of growth in this fairly stagnant market, or will you lose on the deal?

If you are likely to lose, consider these ideas before you take a loss:

You can rent the property out under the normal procedures, paying an agent to manage it for you.

You could stay in the property and rent a spare room out (outside the six month FHOG period, because they can ask for it back if you're renting to lodgers and keep it all on the books).

You could consider coming to a vendor finance arrangement with a new buyer. Definitiely do some research first, get a good, solid contract under your belt with your buyer, agree a price on the house based on what it should be worth in 5 years (why which time the buyer will be ready to move to a proper bank loan), and take a deposit (like a normal loan, plus agree a rental price which pays your mortgage IN FULL, plus a bit. This way you're not out of pocket.

If you choose to go for the latter option, it can be very profitable, but I cannot stress enough that you should get financial advice and do your research and due diligence in all cases.

I am hoping to add information about vendor finance to this site very soon, so keep coming back!

Best of luck!

Elizabeth Elwell-Cook

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