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  • Profile photo of t23t23
    Member
    @t23
    Join Date: 2012
    Post Count: 4
    March 1, 2012 - 10:14 am

    Sorry guys,

    What I was referring to with the stamp duty… from what I have read and Stamp Duty calculators i have used on the web (eg MortgageChoice and LoanMarket's calculators), there is no stamp duty for First Home Owners in QLD if it is PPOR but if the unit starts out as an investment the Stamp duty jumps up to over $3000 (bare in mind the unit is worth approx $160k).

    I was hoping to rent out for first 6 months so I could keep saving a little more coin but believe the best option would be to move in straight away so I cash in on all the FHOG incentives, no stamp duty etc etc

    Thanks

    Profile photo of t23t23
    Member
    @t23
    Join Date: 2012
    Post Count: 4
    February 28, 2012 - 11:21 am

    Thanks for your input guys, much appreciated.

    Seems my dilemma is:
    1) if i rent out from the start for 6 months then move in, i will still get FHOG but have to pay over $3000 stamp duty.
    2) But if I move in straight after purchase the $3000+ stamp duty will not apply.

    Hmm may have to save the pennies for few more months so can move straight in and not forfeit the $3000+ stamp duty savings.

    thanks again

    mr T

    Profile photo of t23t23
    Member
    @t23
    Join Date: 2012
    Post Count: 4
    February 27, 2012 - 11:41 am

    Thanks terryw,

    I would be looking at renting it out for the first 6 months then living in the unit for at least 18 months before looking to use it as an investment or move on etc.

    I have been informed that the rent will be approx $250/week which is similar to the mortgage repayments. I am a novice, but from my research i believe i can claim tax benefits on council rates etc and possibly a small portion of body corporate (body corp almost $60/week) for the rental period.

Viewing 3 posts - 1 through 3 (of 3 total)