Guest JK2510 Posted May 10, 2011 Posted May 10, 2011 Hi. Can the first home owners grant be used as part of a deposit? I've heard mixed reviews on this?
newjez Posted May 10, 2011 Posted May 10, 2011 Does anyone know how they tell whether you are a first home buyer or not?
keily Posted May 10, 2011 Posted May 10, 2011 Hi. Can the first home owners grant be used as part of a deposit? I've heard mixed reviews on this? hey jodie ...we were recently told no ...but it can be used to pay legal fees etc associated with ur mortgage mrs keily
CharmedP3 Posted May 10, 2011 Posted May 10, 2011 I googled the following question Jodie.... can i used fhog towards deposit Obviously I got lots of suggested pages but this one had a useful response. http://www.financecafe.com.au/html/fhog.html n I use the grant for my deposit?Yes. There are no restrictions or guidelines set by the legislation that restrict how you must spend the grant. Once the monies are deposited into your account, it is yours to do as you best see fit. However, if you would like to use the grant as your deposit, you should note that the grant is paid either at or after settlement. The FHOG can be used for construction draw downs if you are building a new residence and your lender is an approved FHOG agent. In practice, the vendor of the property or your financial institution (lender) will usually require the deposit to be made up front or within 14 days of signing a contract. Some lenders now allow the FHOG to be used as a deposit. And another one http://www.aussie.com.au/mortgage-broker/buying-guide/first-home-owner-grant.htm The FHOG is a good chunk of money, and lenders will consider it as part of your savings and deposit. Ask an Aussie Mortgage Broker how you can do this.
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