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Refunding FHOG

Discussion in 'Real Estate' started by Jacque, 30th Nov, 2006.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
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    1,885
    Location:
    Sydney
    I must admit that I didn't know this information I discovered about the FHOG today, and thought I'd share for the benefit of those of you who may be considering taking advantage of this grant in NSW.

    Currently set at $7000, the FHOG is actually fully refundable to the OSR, should you find yourself needing to resell and do so, within 6 mths, or decide to rent it out, rather than retain it as your PPOR.
     
  2. Chris.R_WA

    Chris.R_WA Well-Known Member

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    7th Aug, 2006
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    Location:
    Perth, WA
    mmm hmm

    Hi Jacque,

    I did know that, having purchased my First Home in the last 12 months. I suspect most FHOG seekers would know this also. It is spelt out pretty clearly in the application forms, and by most brokers and banks if you rely on this grant to meet the deposit/costs etc.
    The checkups are very random but pretty rigorous, and if they (OSR) find you have deliberately defrauded the system rather than just misfortune/negligence, the penalties can be more severe than just repaying the grant.

    Regards, Chris
     
  3. Jacque

    Jacque Team InvestEd

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    16th Jun, 2005
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    Location:
    Sydney
    I guess I would have been aware had I been in the era where I was entitled to it. Alas, however, I missed out by about 11 yrs or so :)