October 10, 2022

#174: Listener Questions – Bought off the plan- my situation, rates & the market is worse, I need the FHOG, but moved in with my partner, he

47 minutes

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaI https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode Dave, Cate and Pete take you through: 1. Listener questions This episode is dedicated to answering questions we’ve received from our listeners. If you’ve got a burning question that you’d like to ask the trio, submit your question online here. (AML to add in the link) 2. Can I access the First Home Owner Grant if my partner has already accessed government assistance? My question is, if I'm buying a property on my own but am living with my partner who has bought a property and received the First Home Buyer Assistance Scheme (transfer duty reduction) already, can I also still qualify for a first home owner grant myself? 3. How do partners and de facto relationships impact eligibility requirements? The trio discuss the Victorian SRO criteria for receiving the First Home Owners Grant and how partners must be disclosed on applications, even if they will not be on the property title. But what if your finances are separate, can a government still find out? Tune in for the answer 4. Is there a way you can get around it? The trio discuss a potential pathway to explore in order to receive the grant. However, take note! It’s best to run the scenario by the SRO or a professional for their advice and don’t forget to get it in writing. 5. Is now a good time to subdivide and build our dream home? We owned a unit in Thornbury and purchased an entry point house in Reservoir during the pandemic. The block is 536m2 and we are looking at subdividing the block and building a 3br townhouse at the back to live in as our family home (2 young daughters). I would like to explore whether the next 12 months would be a good time to commence the planning and building process for the back town house or whether the current climate with building materials and inflation mean it’s a bad time to subdivide and build? 6. As with any major decision, ensure that you are thinking about the longer-term In true Property Planner style, David poses some key questions to our listeners about their long-term lifestyle plans and understanding how a subdivision and family home fits into the overall plan. “How long will this home meet your lifestyle needs? “, “Are you sure you will be happy living in the back property for 5 to 10 years if that is required from a financial standpoint? “, and “Will you enjoy living next to your tenants?“ are just to name a few questions to ask. 7. What are your thoughts on Point Cook as a location? I'm curious about the neighbourhood Point Cook in Melbourne. It seems to have plenty of amenity and has been suggested as a future 2nd CBD hub for Melbourne in some articles I came across. I also think it's great that it's one of the most multicultural neighbourhoods in Australia. What are your thoughts on it as a neighbourhood to live in. Are there any areas you find better than others? 8. Investment and lifestyle analysis for Point Cook If our listener loves Point Cook as a home and community, then that’s enough reason to purchase a home there. However, Cate shares some key points for Point Cook which could make it a problematic investment. Visit the show notes - https://propertyplanning.com.au/listener-questions-bought-off-the-plan-my-situation-rates-the-market-is-worse-i-need-the-fhog-but-moved-in-with-my-partner-help-is-it-a-good-time-to-subdivide-suburb-analysis-and-mo/

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