Investment loan + FHBG

[halfempty]

Hey guys,

Am I entitled to the FHBG (exemption of stamp duty + $7k) if I take out an investment loan?

I realise I can't lodge it via my bank but my mortgage broker advised me that my solicitors can? Briefly spoke to my solicitor and he's unsure.

Cheers

 

[Peter_Tersteeg]

To qualify for the first home owners grant you must live in the property for at least 6 months. You don't have to move in immediately but you have to move in with 12 months of purchase.

The type of loan doesn't affect eligibility for the grant.

A lot of young people purchase a property, with the intention of turning into an investment property after meeting the grants criteria.

If you buy a property as an investment and later decide to move in, you can apply for the grant at that time. You'd apply for the grant separately from the bank.

 

[halfempty]

Sweet, exactly what i needed to know. Yes, i am planning to stay the first 6 months and renting it out afterwards.

 

[Mick C]

Adding on....no real such thing as an "investment loan" - as long as you can service the loan + have enough funds to complete then it's fine to Live in and rent out 6 month later ( happens ALL the time) - just apply for the concession with OSR directly...and you can do it right after your get the loan ( even when the home is rented out) don't need to wait for till you move in; they look at your intention.


Regards
Michael