We have been approved for a bank loan on a new property we are building. In a very bizarre manner, our loan agent at a local Home Loans shop in town, emails me and says, oh, I see your property is valued over $ 750 000, you don't qualify for FHOG. And continues on like this is not an big issue.
Does FHOG include the cost of the land,or just the cost of construction when building?
We bought the property in a separate transaction, and the contract of the construction document only contains the build itself, not the land.
Your first new home can be a house, townhouse, apartment, unit or similar. The amount paid for the home, that is the contract price for construction when building the home, must be $750,000 or less.
The regional First Home Owner Grant (FHOG) is a $20,000 payment for first home buyers who sign a contract to buy or build their new home, where the contract price (or cost of construction for an owner builder) is $750,000 or less, in regional Victoria.
I don't want to get into to much details, about how mad I am, switching agents after the money settles etc etc. I will be seeing them tomorrow, but it seems I need some info, as they are pretty useless.
*** UPDATE ***
With all the information I found, our loan agent phoned SRO. The land and build was two separate transactions, the FHOG is then based on build contract amount. If it was sold as a house and land package, we would was lost out on the grant.