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FHSS Eligibility

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Hi,

In August 2017 I purchased a block of vacant land in an existing residential area, upon which I intend to build my first home in around 12 months time. I did not claim any first-home-owner benefits or exemptions in my state (Vic) or any federal benefits relating to this purchase. I have just read that to be eligible for the FHSS, I must not have previously owned property in Australia. My initial thought is that I can no longer participate in the FHSS, since I already own property. However, given I have never lived on this land, and given that any FHSS benefits I could get access to would be used on the deposit for a home to be built on this land - am I still disqualified? It seems strange to me, because if I had waited, and purchased the land and home in one go, I would have been otherwise eligible.

 

The vacant land was not bought as an investment property, and was bought with the sole intention of building my first home on it - I just wanted to get into the market before the land went up even further.

 

Thanks for your help!

Jason

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Hi @jasonb,

 

Thanks for your patience whilst we received specialist information regarding your query.

 

You're correct in saying that one of the eligibility criteria for the FHSS Scheme is that you must not have previously owned property in Australia (unless the Commissioner determines that the individual has suffered a financial hardship). You don't meet the criteria if you've ever held the freehold interest in any category of real property, including investment or commercial property and vacant land.

 

You can find FHSS information on our website, or you can phone us on 13 10 20 between 8am - 6pm, Monday to Friday if you have further questions.

 

Thanks, JodieH.

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Hi @jasonb,

 

Welcome to our Community!

 

We're checking some information with a specialist area regarding your question, and we hope to get back to you as soon as possible.

 

Thanks, JodieH.

 

Best answer

ATO Certified

Community Support

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Hi @jasonb,

 

Thanks for your patience whilst we received specialist information regarding your query.

 

You're correct in saying that one of the eligibility criteria for the FHSS Scheme is that you must not have previously owned property in Australia (unless the Commissioner determines that the individual has suffered a financial hardship). You don't meet the criteria if you've ever held the freehold interest in any category of real property, including investment or commercial property and vacant land.

 

You can find FHSS information on our website, or you can phone us on 13 10 20 between 8am - 6pm, Monday to Friday if you have further questions.

 

Thanks, JodieH.

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