FHOG qn

Hey all,

My partner is about to go and purchase an OTP First Home. It is due for completion late next year/early 2016.

She plans on taking advantage of the FHOG and stamp duty concessions.

She was also planning on purchasing an investment property or two while her OTP firsth home is being built.

She was wondering whether she'd still be eligible for the FHOG and the stamp duty concessions after purchasing an existing dwelling as an investment before her first home is built.

Based on my early research (talking to agents), i've been told that this will depend on the 'exchange date' on the contracts. Given that she'll be exchanging on her first home before the investments, will she still be eligible for the grants? '

Thanks
 
Given OTP often goes for years, it is an interesting one.

My thoughts are that this is OK so long as First Home contracts are exchanged first. Thats my reading of the legislation in the ACT.

You may want to seek formal legal advice on this one though.

Cheers,
Redom
 
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