I currently have NO property (living with parents). I am looking at purchase an investment unit. If i go ahead with the investment unit will this mean that I will be ineligable for the First Home Owners grant when I buy my first home in a few years??
Can anyone advise?[withstupid]Thanks!
[specool]Hi Starting Out,
I know there is some way around this. You can get the FHG and later have the property rented out as investment. Please feel free to email me your phone no. at [email protected], so that I can expain to you in details.
Good luck with your first property hunting!
Hi Starting Out,
in Vic – No.
you can purchase as many investment properties as you wish. When you come to purchase you PPOR, you should be entitled to the first home owners grant as long as you live in it and satisfy the other criteria. But best to make a simple call to the ATO or bank and ask directly about this and get them to send you something in writing.
Kind Regards,
George.“If You never never ask, you’ll never never know”
Thanks GEO. Ill query the tax office.
FYI- I am in NSW and the investment is in QLD.Hi again Starting Out,
hope it goes well.
Best thing to do is to purchase enough positive cashflow properties so that in a few years time when you go to purchase your PPOR, you won’t even need the FHOG – you’ll be that financially free anyway.
Kind Regards,
George.“If You never never ask, you’ll never never know”
In case anyone who reads this is interested, i have found the answers (Thanks Simon)
You CAN claim the FHOG on a primary residence property if you already have an investment property- BUT ONLY IF ITS AFTER JULY 2000.
Evidence of this is on the Office of State revenues NSW webiste in the FHOG Frequestly asked questions page. See link below for details:
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63440&_dad=portal&_schema=OSRPTLT
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