Tax deductions

[Ken]

Thanks for the info.. Yes but the above is valied only for an australia resident and not a PR holder.

I want to know incase i buy a house now only on my name and my wifes name is not included on it. I charge my wife rent to stay in the house, so that it is established she does not own a property. Around 5 years later after we both get citizenship, My wife buys a NEW BUILD HOME DOES THIS RULE STILL APPLY.

 

So is the rule in your state that you need to be a citizen? In Victoria the grant is available to Permanent Residents - but I'm aware it varies from state to state.

[Dazken Amac]

Okay

Edited September 8, 2016 by Dazken Amac

[Dazken Amac]

So is the rule in your state that you need to be a citizen? In Victoria the grant is available to Permanent Residents - but I'm aware it varies from state to state.

Okay I did not know that in Victoria the rule applies to PRs also.. I am in melbourne so will have to find this out in detail. .

 

Are you in Victoria too..

 

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[Dazken Amac]

The eligibility criteria for the First Home Owners Grant apply to the applicant and/or their spouse or defacto partner. So, if one of you is ineligible, both are ineligible.

The question here was whether this facility is applicable to Permanant residents in Victoria state as well. ..

 

Btw what do you mean by eligibility? ?

If it's my first home and it's a new build I will get the 10,000 aud + reduction on stamp duty.. OR is there any other criteria as well that your annual earnings need to be less than a certain amount etc. .

 

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[Gbye grey sky]

The question here was whether this facility is applicable to Permanant residents in Victoria state as well. ..

 

Btw what do you mean by eligibility? ?

If it's my first home and it's a new build I will get the 10,000 aud + reduction on stamp duty.. OR is there any other criteria as well that your annual earnings need to be less than a certain amount etc. .

 

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In my experience newbuilds come at a bit of a premium price. The main advantage of a new-build is that you get to choose exactly what you want. If that is not really so important you can often buy houses (here anyway) that are 1-5 years old for less than they cost new-build and there is your $10,000 or more.

 

The real downside (for me at least) of newbuild was moving in to a construction site and no feeling of community. If getting a bargain or value for money is important to you I think you should explore all options and not become fixated on this grant; it is more a state subsidy to the housebuilder than the house buyer imo.

[Gbye grey sky]

I would add that if you can pitch yourself as a first time buyer ready to go with finance etc in place you are in a good position to save thousands when you buy a house. Our house we bought last year had just dropped by $25k and we bought at $20k below that as first time buyers. A better saving than any grant.

[Skani]

The question here was whether this facility is applicable to Permanant residents in Victoria state as well. ..

 

 

I assume you are internet savvy? All you need to do is Google First Home Owners Grant Victoria and you will discover that they are.

 

Btw what do you mean by eligibility? ?

If it's my first home and it's a new build I will get the 10,000 aud + reduction on stamp duty.. OR is there any other criteria as well that your annual earnings need to be less than a certain amount etc. .

 

 

Eligibility criteria for the FHOG specify that it has to be the first home, not only for the applicant, but also for the applicant's spouse or partner ... so your scheme of not having your wife on the title of a home purchased by you so that she could later apply for the FHOG would make her ineligible for the grant.

 

AFAIK there is not an income limit - but you would need to check that - but I believe there is an upper price limit for the cost of the residence ($750,000 in Victoria?)

[Dazken Amac]

I assume you are internet savvy? All you need to do is Google First Home Owners Grant Victoria and you will discover that they are.

 

 

 

Eligibility criteria for the FHOG specify that it has to be the first home, not only for the applicant, but also for the applicant's spouse or partner ... so your scheme of not having your wife on the title of a home purchased by you so that she could later apply for the FHOG would make her ineligible for the grant.

 

AFAIK there is not an income limit - but you would need to check that - but I believe there is an upper price limit for the cost of the residence ($750,000 in Victoria?)

Thanks a lot for the continuous persistence in the matter. .. and answering my questions... I am aware of the upper limit. .. I am still researching will it be better (in terms of economy value appreciation and satisfaction ) to build or to purchase a pre built home and amend it to our needs...

 

As you are aware when we just start from nowhere all sorts of ideas come into ones head. So let's see how it goes. ..

 

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