What if I skipped some information on my FHOG application?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
Mortgage Specialist
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Re: What if I skipped some information on my FHOG application?

Post by Otto Dargan »

Hi Medley,

This is a serious offence and you shouldn’t omit or understate any required information in your FHOG application.

Lying or falsifying any information on your FHOG application is very often picked up by your state’s revenue office and, at worst, could see you face significant fees and penalties.

Although your partner may have bought a property previously with her ex-husband, you may still be eligible if it was an investment property and she had not resided in that property for a continuous period of at least 6 months.

We’ve created a FHOG guide to help first home buyers complete an accurate application which will be approved quickly.

If you want to learn more about this then you can have a look at our website or you can give us a call on 1300 889 743.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: What if I skipped some information on my FHOG application?

Post by Otto Dargan »

Hi Medley,

You may be able to use the First Home Owners Grant (FHOG) as your deposit. However, it may not be sufficient on its own in most cases. You can use the FHOG Calculator to see which grants you are eligible for.

Typically, you may need 5% to 10% of the property value, including the FHOG.

This is to cover the deposit requirement as well as the costs of purchasing a property including stamp duty, mortgage application and transfer fees, property title searches, Lenders Mortgage Insurance (LMI) and other associated legal costs.

As a first home buyer, your parents may be able to assist you with your purchase in mainly two ways:
  • A gifted deposit: If your parents gift you a deposit then some lenders may accept it even if you were not the one who saved the deposit.
  • Guaranteeing your loan:
If your parents act as your guarantors then you may be able to borrow up to 105% of the property value with no LMI. Currently, this is the only genuine way to buy a home with no deposit.[/list]

If you want to discuss low deposit or no deposit home loan solutions directly with one of our mortgage brokers then you can give us a call on 1300 889 743 or enquire online.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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