Hi All,
Hope someone can answer this for me.
If I purchased my first home with the intention of moving into it in the next 10 months (i.e. less than 12 months) and rented it out in the meantime. Am I still eligible for the Victorian Stamp Duty Reduction of 40% as a firs home owner?
As well as the CGT exclusion in the future if I sell?
Regards,
Yiannakis
Hi Yiannakis,
Yes, for established properties as long as you intend to move in within the first 12 months and reside in the property for a continuous 12 months, then you can apply for the 40% stamp duty reduction at settlement. It's slightly different if you're building.
As for CGT, if you rent it out first you cannot claim a full exemption, however you may claim a partial exemption depending on the pro-rata time you lived in it.
Cheers
Tom
Tom's on the money – 12 months to move in is usually the standard across most states.
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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