Hi All,
If I was to purchase a house and lease it for an extended amount of time (lets say for arguments sake 18months), generally what are the positives and negatives of then moving into the house myself?
Also. as a first home buyer the house would initially be bought as an investment so I would assume the FHOG is not applicable as I would have moved in AFTER 12 months of settlement so does that mean I forego the FHOG, or would I be able to reapply once I moved in or would it is it still applicable if I was to purchase another property while living in the house I originally bought as an investment property?
Thanks!
If you do a google search for the state revenue dept for your state or FHOG / your state, you will find the questions and answers you seek there.
If you move into the place and make it your owner occupied later down the track I would assume you would loose the first home owners grant as need to live in it within the first 12 months and for at least six months once moved in, from memory.
However you can buy an investment property now; and later purchase your first home and claim the first home owners grant for the new property
Having your loan structure is of utmost importance for future investments etc feel free to contact us
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Each state is different on the exact rules of getting the FHOG. It might be worth you ‘moving’ in for a couple of months. Just read the fine print and see if you can move in without actually shifting your furniture, if you know what I mean. The FHOG applies to your first home too – whether you live in it or not. Ie, if you don’t get it on your first home, you wont get it at all – this is my understanding.
As some advice, don’t claim the rental costs on your tax before you move in. It can be designated your PPOR even if you don’t live there, as long as you buy it in your own name and move in at some stage during a six year period. As long as you don’t have another PPOR, then you’ll get the Capital Gains tax free, which should be
worth a lot more than any claimed interest costs.Talk to an accountant or solicitor wtih experience in your state.
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