Hi - son is considering buying his first property as an IP - as his borrowings can be maximised taking the rentals returns into consideration and with him living at home. So the banks does the approx 90% lend, he has the funds to complete the purchase. The loan settles.
On settlement, can he ask for the FHOG ..he will have vacant possession of the property and live in the property for the first 6 months.
My query is will the OSR consider this as his first home despite the fact that he has bought this as an investment property. He has the funds to service the loan himself (without rental income) for the first 6 months.
Anyone done this successfully ?
Many thanks.
On settlement, can he ask for the FHOG ..he will have vacant possession of the property and live in the property for the first 6 months.
My query is will the OSR consider this as his first home despite the fact that he has bought this as an investment property. He has the funds to service the loan himself (without rental income) for the first 6 months.
Anyone done this successfully ?
Many thanks.