Buying with friends

By Your Mortgage

Q. I am thinking of buying a property with a friend of mine and I was wondering if we get two separate loans for a single property, are we both eligible for the $7,000 First Home Owners Grant. If not, who gets it?

A. The First Home Owners Grant Scheme is only payable once per property.So, in the case of joint tenants, the situation is much the same as if those tenants were co-applicants or partners, ie they both have to meet the eligibility requirements to receive the one grant for the one property. Only one application is processed and one bank account nominated to receive the funds. How the receivers of the grant split up the money is up to them.

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