The $7000 bonus for your "first home"

[LucasK]

I recently heard of a government scheme which gives you $7000 for your first home. However, it can't be an investment property.

Is this true? If so, can you "live" in it for a few weeks, then rent it out? Or would this be considered illegal or render your $7K invalid?

[Kristine..]

Hi Lucas

Go to http://www.sro.vic.gov.au (State Revenue Office) for more information regarding the first home owners grant.

Each State administers the grant - some States also allow a reduced stamp duty payable on your first property purchase. Alas, not in Victoria.

The link should answer all your questions.

Cheers

Kristine

[sbe]

Be aware also that quite a few people got pinched for this, and had to pay back the amount, plus interest.....

It made the papers etc.


Regards,

Simon.

[Aceyducey]

And buying a home for your 2 year old child is also frowned on :)

(though if they are over 18 it's possible to swing).

Don't think of this as a bonus, think of it as a rebate on stamp duty for your first PPOR purchase.

Cheers,

Aceyducey

[LucasK]

Thanks for the advice.

I suppose that this method would've been used enough for the ATO to find ways to prevent it.