First home buyer incentives and how it is affected or effects subsequent IP purchases

[my03]

Hey guys,

Say for instance I am intitled to a stamp duty exemption and $15k grant for a new off the plan property, and I put my name down and a deposit to buy the property. The property is finished in 12-24 months,

Am I able to buy an investment property as soon as I put a deposit down for the OTP property or do I need to wait for the OTP property to be finished before I can buy anything else to claim my stanp duty exemption?

Thanks guys.

 

[A Jeremy]

My understanding is that first home buyer incentives are for PPORs and that any activity related to IPs has no effect of the benefits of the scheme.

Someone please correct me.

 

[my03]

The thing that confuses me is, to be eligible for the grant, it has to my your ppor for at least 6 months and it has to be your first home.

So when it it classified as your "first" purchase? When you put down the deposit with the developer (usually 10%) or when the project is completed in 12-24 months time?

If it's when the deposit is put down, you could start acumulating investment properties before the project is completed and it wouldn't matter. If the latter, acumulating and IP's could affect your eligibility of the grant as technically, your "first" purchase was the IP which you settled on before the completion of your OTP property.

Cheers

 

[JDM]

What state does your question relate to?

 

[Jamie_]

Each state is different, in WA we had to move in within the first 12 months otherwise we would forfeit the incentive. We rented it out for 11 months.

 

[my03]

Thanks guys, sorry forgot to mention it's in NSW.

 

[my03]

can anyone from NSW give any insight to this? Seems like the information on the government websites on the incentives are a bit confusing when it comes to subsequent purchases