My son is in his early twenties, living at home. He is looking at purchasing an investment property. Will having an investment property mean he is not eligible for the $7000 grant & stamp duty exemption when he decides to purchase a property to live in?
Purchasing an investment property first will not disqualify him from being able to qualify for the First Home Owners Grant in the future however he may loose his entitlement to the Stamp Duty concession depending on which State you are based in.
Is there a reason he doesnt look at purchasing his first home taking advantage of both the lower SD concession as well as FHOG Boost structuring the loan accordingly and then once he has complied with the terms of both renting the property out.
It is unlikely he will get more of a helping hand in regards to deposit etc for the soming years and as long as he doesnt pay more than the property is worth giving the influx of FHB's then it is certainly worth consideration.
Richard Taylor | Australia's leading private lender
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