hi all, just stumbled across this site and forum, and find it all very helpful.
My situation at the moment is renting a place in Darwin with a flatmate, who is leaving in a couple of months.. I'm going to stay in Darwin at least another 8 months so thought it might be worth buying a place, rather than paying rent by myself.
I'm looking at 2bed apartments selling around 300K, and think i should be able to afford repayments no problem (i'm making around 70-75K) and have about 18K deposit atm.
The question i'm getting at here, if i buy a place and live in it for 6 months, so i can recieve first home owners grant, and stamp duty concessions (from what i've read, first home buyers pay no stamp duty on properties upto 350K here in NT?), are there any implications in then changing it over and making it an investment property when i leave darwin? I havent spoken to anyone who has done the same thing, so i was just wondering if there is anything that i'm missing, because it seems that it will be a good idea to me, but i'm definately new to this game!
thanks, petehi Mis
That is a good idea as by living in it first you may qualify to keep it as your main residence even while renting it out and thus avoid CGT for up to 6 years and be able to claim negative gearing.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I am about to do the same thing (move out of my first home after 6 months and rent it out).
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