Hi,
I was wanting to purchase a property in Victoria before the December cut-off date (FHOG bonus). I am living in Japan and will return to Australia in October 2010.
If I were to buy a property in December 2009, is it possible to rent out the property from say (January 2010-October 2010) and then return to Australia and live in the property from October 2010. Therefore living in the property in the 10th month from date of purchase / settlement.
In this case, renting before living in, would I be eligible for the FHOG?
thanks,Ash
Ash,
If it's in QLD then you can do that providing to stay on for six months after you move in.
Here is a link for the different states. http://www.firsthome.gov.au/
Are you a permanent resident of Australia?? Is this house is going to be your PPOR??
If so I suggest you get a house and land package in Decmber. (You'll get $32,000 if you sign the contracts before 30Sep 09 though!)
The house will take a few months to build. You have to move in within 12 months of completion and stay there for 6 months after that. You will be eligible then.
If you are not too fussed about having to pay a mortgage (it will be progress payments so not all at once) without getting any rent I think this would be the best way to go in order to ensure you are eligible for the FHOG.
Contact me on [email protected] if you need any more information.
Good luck!
You are required to move into your home within 12 months of settlement to be eligable for the FHOG.
Once you have moved in you are required to stay for minimum 6 mths. If you don't require FHOG for settlement you have up to 12 months post settlement to apply and still qualify.if the home your buying is not new you can rent it out for the 10 month period and still qualify
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