Hi
I’m looking at buying an investment property but have not purchased a house before so am still eligible for the $7000 home owners grant.
The guidelines for this grant state that I must live in this house “within 12 months” of purchasing it but doesn’t say for how long.
Does anyone know the implications of:
1. Living in the house for only a short time to get the grant and then renting it out; and
2. The issues involved in changing a bank loan from a home owner to investment property loan?Any help that you could give would be most appreciated!
Daisy [
]There is no minimum time frame specified. You can call the Office of State Revenue to discuss this but they will not commit to anything definate.
I don’t think this has been tested by anyone. I believe that anything between 1 day and twelve months would be covered under the guidelines. I guess you need to decide what you are comfortable with.
http://www.osr.nsw.gov.au then just follow the links to FHOG.
There is nothing to change as far as home loan to investment loan with most banks.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985theres a great story regarding something similar to this in a dolf deroos book.
Try living there for a night… Sleep on it…
simple.
cheers
Calron the Alcamist
Turning things into gold is fun.
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