All Topics / Help Needed! / first home plus GRANT plus stampduty …

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  • Profile photo of investhutinvesthut
    Member
    @investhut
    Join Date: 2007
    Post Count: 73
    July 29, 2007 - 12:58 am

    Hi All,

    Thanks for all the help so far, i purchased my first home a 3bdr villa and cooling off period has finished.
    family wise it will make sense if I can rent my first home for either 5-10 months and then move in there.. i did search here and read abt 5-10 threads. wanted to clarify for NSW…

    1) if i rent out the prop for 5-10 months, then move in i will qualify for free stamp duty under First Home Plus Scheme as i will move in as prime residence before 12 months right

    "At least one applicant will occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the home. "
    http://www.osr.nsw.gov.au/portal/page?_pageid=33,63519&_dad=portal&_schema=OSRPTLT

    does this mean that i can only rent the prop for 5 months 28 days, and then I have to move in????

    2) for $7000 FHOG, it states:
    "

  • At least one applicant will occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the home. "

    • same as above that in NSW i have to rent out for first 5 months 28 days only from settlement date….. and then move in??

    3) how will this impact CGT whenever I happen to sell it.

    4) interest will be tax deductible for the period i rent it out say 5 months 28 days.

    all your answers will help!!

    thanks,

    InvestHut