I'm a current property investor living at home with the folks but am ready to take the plunge and finally move out! But I have 2 main questions to ask:
1. My parents purchased some vacant land in the 1990s and included my name in it. Then in 2004, I bought my own investment property... so I've always thought that I wasn't eligible for the First Home Owner Grant. But after some research, I've discovered that I might be eligible afterall considering that i) there is no property on the vacant land, and ii) I've never lived in my investment property. Would this be correct?
2. I'm single, earn around $60,000 a year (of which I don't spend much), owe about $185,000 on my current investment loan, and am now wondering whether it's a smart idea to get another loan and purchase a cheap studio apartment (under $200,000) to live in (and potentially get the First Home Owner Grant). I've managed to pay off $100,000 off my investment property loan in a little over 4 years and at that rate, could potentially pay it off in 5 years with the interest getting lower as I put more in. BUT, if I go and get another loan of $200,000, then I'd be paying a hell of a lot of interest so it would hardly leave much for extra repayments. So am wondering whether people think it's a good idea or if there are any alternative solutions/suggestions?
1. My parents purchased some vacant land in the 1990s and included my name in it. Then in 2004, I bought my own investment property... so I've always thought that I wasn't eligible for the First Home Owner Grant. But after some research, I've discovered that I might be eligible afterall considering that i) there is no property on the vacant land, and ii) I've never lived in my investment property. Would this be correct?
2. I'm single, earn around $60,000 a year (of which I don't spend much), owe about $185,000 on my current investment loan, and am now wondering whether it's a smart idea to get another loan and purchase a cheap studio apartment (under $200,000) to live in (and potentially get the First Home Owner Grant). I've managed to pay off $100,000 off my investment property loan in a little over 4 years and at that rate, could potentially pay it off in 5 years with the interest getting lower as I put more in. BUT, if I go and get another loan of $200,000, then I'd be paying a hell of a lot of interest so it would hardly leave much for extra repayments. So am wondering whether people think it's a good idea or if there are any alternative solutions/suggestions?