Government grant - 6 or 12 months???

[tbinvestor]

Hi everyone

I am new to property investing and i am looking to buy a unit very soon and I was wondering if i took the government grant how long i would need to live in it before i could legally put it up for rent/lease?

I dont want to make the mistake and have to pay back the grant, i would prefer to not get it at all.

I was told it changed from 12 months to 6 months recently, can somebody help me with this?

thanks

 

[Ridin-High]

6 months within the first 12

 

[Simon]

Above post is not quite clear.

You need to live there for 6 months which must start within the first year.

 

[tbinvestor]

Thanks Simon, thought so but i wanted to be certain

cheers

 

[Bradsdad]

6 months.

http://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog.htm#3


Regards
Steve

 

[Peter_Tersteeg]

The information above is correct for the First Home Owners Grant.

There is a second benifit as of July 1 this year, a Principal Place Of Residence stamp duty concession in Victoria.

According to the Office of State Revenue you're required to reside there for 12 months as a qualification period. I'm still trying to get clarification on this.

You apply for this concession through your solicitor or conveyancer, it's worth about 1% of the purchase price in concessions.

 

[Bradsdad]

The information above is correct for the First Home Owners Grant.

There is a second benifit as of July 1 this year, a Principal Place Of Residence stamp duty concession in Victoria.

According to the Office of State Revenue you're required to reside there for 12 months as a qualification period. I'm still trying to get clarification on this.

You apply for this concession through your solicitor or conveyancer, it's worth about 1% of the purchase price in concessions.

12 months Peter ....http://www.sro.vic.gov.au/sro/srowebsite.nsf/taxes_duties duty concession ppr.htm#1


Another useful link that cover most of it is http://www.sro.vic.gov.au/sro/SROWe...09/2008-09 Budget Fact Sheet - Homebuyers.pdf


Hope this helps.


Regards
Steve