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First Home Owners Grant - GFC Stress

Discussion in 'Real Estate' started by Stockers, 18th May, 2009.

  1. Stockers

    Stockers New Member

    Joined:
    12th May, 2009
    Posts:
    3
    Location:
    nsw
    --------------------------------------------------------------------------------

    Hi,

    Hopefully someone may be able to help me with these questions.

    I bought a unit in South Australia and received the FHOG and the boost in June 2008. I haven't lived in the place yet and am currently living in NSW. The place in South Australia has been rented out since I purchased it.

    When I purchased the property i intended to move back to SA and move in to the property but now with the Global Financial Crisis I have been unable to obtain a job there, and my partner also lost her job before Cristmas meaning our funds are almost depleted and meaning I can't afford to move back there.

    My question is can it be my Principal Place of Residence even if i don't live there and rent a place, live, and work interstate?

    Otherwise given I can't afford to pay the grant back are you allowed to pay it back in intallments?

    Could I get an extension to the 12 months required to move in to the property?

    Given I fully intended to make this my principal place of residence and circumstances have prevented me from moving in, is there any possibility I could retain the grant?

    Lastly, if I have to pay the FHOG back will I be able to get it again?

    Thanks to anyone who can help.
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Hi Stockers

    Not a good situation to find yourself in- you have my sympathies.

    The eligibility criteria is clear, however, in that you must reside in the dwelling for a min period of 6mths during the first 12mths of ownership. There are some FHB's that are "creative" about this, in that they live (or renovate) the dwelling for a short period, set up accounts for phone, electricity, rates etc to demonstrate residency.

    However, the SA Revenue office (like all Australian revenue offices!) makes it pretty clear that you are liable to contact the Commissioner and repay the grant if you cannot fulfil any of the conditions of the payment of the grant.
    For more clarification or to seek an extension (I'm not sure under which circumstances they'd allow this but you can always ask) contact RevenueSA on Ph: 08 8226 3750

    Best of luck with it all :)