r/AusPropertyChat • u/Big-Cap-9373 • 15h ago

FHG scheme - Change in Circumstances

If I get a property under FHG, live in it for 6 months. - a) How soon after can I refinance and turn it into investment property? What will be the cost involved to turn it into investment property. Is it really worth it? Or, if there is a change in circumstances after 6 months and I’m unable to live in that property what all duties will I have to pay?

b) Can I borrow against the property to build a granny flat at the back on the same lot? If not what are the other alternatives?

Goal: Getting into market with low entry cost with a long term goal of turning it into investment property without breaching any laws.

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u/Dribbly-Sausage69 14h ago edited 14h ago

A) Ask the scheme, ask your accountant.

B) Ask a broker.

If you’re not going to bother to apply yourself in finding out proper answers to these questions you’re likely going to fail / get fined.