Hi folks,
My partner and I are imminently going to purchase our first home together . We are getting married in the new year. The purchase price will likely be 500K+.My partner currently already owns 1 investment property which is currently tenanted.
I do not own any property at this point in time.
Was wondering if someone could point me in the right direction as to where I can read up on the rules relating to stamp duty relief and the first home buyers grant. I presume that this will unavailable to us because of my partner’s investment property and so I have heard because it only applies up to 500K properties.
I would like to separate fact from fiction straight form the source and would be most grateful for any nudge in the right direction on the issue. Many thanks in advance.Hi,
If your partner has not resided in the IP, then you should still be eligible for the FHOG and related benefits. The stamp duty concessions in NSW reduce once the property reaches $510K, but does not dissappear unless the price exceeds $600K.
Have a look at the following link:
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63391&_dad=portal&_schema=OSRPTLT
Regards
AlistairAlistair, no she has not resided in the IP. Many thanks.
Hi,
I was in exactly the same situation being my partner already had one IP as a rental property although he had claimed the FHOG.
It was my broker who informed me I couldn’t claim it when we bought our PPOR. I have since checked this out for myself and I found the infomation on just about every homeloan websites.
My understaning is:
You or your co-applicant cannot have owned a residential property either jointly, separately or with another person before July 1 2000.
Neither you nor your co-applicant can have received the FHOG before.
The home must be the principal residence and be occupied within 12 months of either settlement.Sorry I can’t inform you of a specific website but maybe just do a google or sensis search.
Lisa
Having read the OSR website, I read the eligibility requirments as being we qualify for the Grant, but not stamp duty relief.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
