As a first home buyer, is it possible to rent out the property straight away?
I have been told that you have to live in the property for the first year if it is your first purchase. Is this true?
That is true to retain the first home owner grant you are required to live in the house for a minimum of 6 months in the first 12 months however if you are in QLD the grant no longer applies to buying already established homes (I'm not sure about other states) but if you need more information for QLD, the office of state revenue should have some answers for you.
http://www.osr.qld.gov.au/first-home-owner-grant/index.shtml
Hope this helps!
You are required to live in the house for a minimum of 6 months in the first 12 months. So no you don't need to move in straight away; however there are Capital gain benefit ( and the 6 years rules) that you may have to weigh up and consider.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
What's this "6 years rules" you talk about?
http://www.ato.gov.au/corporate/content.aspx?doc=/content/86191.htm
Not sure if this is the most up-to-date info but gives you an idea of what it's about.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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