All Topics / Help Needed! / Help please! Want to purchase first home in Australia as PPOR, has lease, do I still pay Stamp Duty?

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  • Profile photo of MElzeyMElzey
    Member
    @melzey
    Join Date: 2011
    Post Count: 2
    July 4, 2011 - 11:39 am

    Hey guys,

    My husband and I are wanting to purchase our first home here in Australia, as a PPOR, however it has a 12 month lease in place. The situation here in Moranbah is very unique, and most properties for sale have long leases already in place. Would we still be eligible for exempt of stamp duty and the first home owners grant? How should I go about this?

    Cheers

    Profile photo of lifestylezlifestylez
    Participant
    @lifestylez
    Join Date: 2011
    Post Count: 61
    July 5, 2011 - 3:12 am

    Hi Melzey,

    Will you be buying near the end of the lease?  Eg. Once the house settles, there may be less than 6 months left on the lease?

    My recollection of the FHOG rules are that you must live in it for 6 months out of the first 12 months.  This might mean you could rent it for the first 6 months and then live in it for the 2nd 6 months and still qualify.

    As for the stamp duty concession, I'm not sure as I think the rules vary by state.

    Good question though! 

    Darren.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    July 5, 2011 - 3:32 am

    HI,

    You wil need to live in it WITHIN 12 month…so if the lease ends in 12 month time from the day you buy it…you may not qualify;
    http://www.osr.qld.gov.au/eligibility-testers/fhog-decision-tree.shtml

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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