hello all, just bought my 1st place, settlement this friday! woohoo! However i’m most confused about the 1st home buyers grant…i’ve ask my broker and he said i only have to live in the place for a week or 2, after that i can put tenants in and start the negative gearing process, but i was talking to my boss today and she said they’ve changed the rules so that I have to live in it for 6 monthes!! Does anyone know the right answer?
You have to live in it for a period of 6 months to qualify for the FHOG.
(Your brother was right, but now the laws have changed).
Rgds.
Lucifer_auYour broker should know better. At the least he hasn’t kept himself up to date with changes made some time ago. At worst he is encouraging you to commit fraud.
I would find another broker if I was you.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
what if someone LIVE in the house AND RENT IT OUT? (1 room for himself and 1 for tenant) is that considered residential?
I would imagine so – but you should contact your state’s admin body and check for yourself.
Contact details on my website.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Does this apply to CGT and stamp duty exemption too? If owner occupied moved out after 2-3 months would they be liable for stamp duty and CGT?
thanks for clarifying simon, lucifer! i do need a new broker! and a new solicitor as well! he told me the wrong thing too!
YC, on the FHOG site it states u can rent the rooms out as long as the house is still the principle place of residence…
[YC, on the FHOG site it states u can rent the rooms out as long as the house is still the principle place of residence…]
Hi,
Thanks for the reply on the other thread. Just wonder could you please send me the link if not too much trouble? I’ve been searching on that site but can’t find that piece of info.
Thanks mate!!
Cheers,
YCThank you!
But that’s the NSW site of FHOG and I’m in VIC. But don’t worry, I’ll ask a lawyer about this issue. Thanks anyway again!
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