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odd, so you had to supply a letter because the property you were purchasing is a rental? Yet you are planning on getting the grant and living in it for 6 months?
To my mind it would be either one or the other. the bank certainly wont process the FHOG or stamp duty concession if the loan was approved on the basis of a loikely rental income.....

Actually never thought of that I would have to ask my broker. My plan is to live in the property for 6 months save on stamp duty and get the 15k and then rent it out. Since the bank will look at it as my ppor I am not sure why they asked for that letter now as well.

It's case by base and not really your decision to make. Some people live that way, only have roommates. Some people stay at home for a long time.

I have client who in the process of setting up equity for his 4th property purchase he's nearly 50 lives with his sister and there family. Sister doesn't seem to mind. Cheap board for him... and he keeps on investing in property.

Just because you wouldn't do it doesn't mean it's not right for someone else.

Couldnt of said it better myself.
 
Haha yes living at home bit of a moot point as to why would need a rental letter if it's going to be PPOR.

Can't have your cake and eat it too :)

If it's going to be a PPOR claim FHOG and live in it for 6months, would be a bit much to also want to have the expected rental income taken into account as well.

I would also expect that the bank wouldnt look accept the rental income now either.
 
Haha yes living at home bit of a moot point as to why would need a rental letter if it's going to be PPOR.

Can't have your cake and eat it too :)

If it's going to be a PPOR claim FHOG and live in it for 6months, would be a bit much to also want to have the expected rental income taken into account as well.

I would also expect that the bank wouldnt look accept the rental income now either.

Yes this is true I am not too sure if my question was worded correctly. As I will be living in the property for 6 months and the bank will have it / and it will my ppor I wanted to know would I be able to purchase another property or would I have to wait until its rented out?
 
Yes this is true I am not too sure if my question was worded correctly. As I will be living in the property for 6 months and the bank will have it / and it will my ppor I wanted to know would I be able to purchase another property or would I have to wait until its rented out?

You would need to wait until you can advise the bank of your new living arrangements. If you have moved back home that fine. But you won't be able to do that for 6 months due to FHOG. Once the 6 months is up you can move home or where ever and a rental appraisal should be sufficient, you won't have to have a physical tenant in there.

But I don't think you would be able to use a rental appraisal now, for a property that you're living in currently... if thats the question.
 
You would need to wait until you can advise the bank of your new living arrangements. If you have moved back home that fine. But you won't be able to do that for 6 months due to FHOG. Once the 6 months is up you can move home or where ever and a rental appraisal should be sufficient, you won't have to have a physical tenant in there.

But I don't think you would be able to use a rental appraisal now, for a property that you're living in currently... if thats the question.

Thats part of the question. Since I need to live in the property for 6 months for the fhog I wanted to purchase another property in qld hopefully that would be positive or neutral geared within that 6 month time frame. So I will put the new house as ppor but I also wanted to apply for a additional loan for the next property. I wanted to know if I would be able to service that additional property while I had the first property listed as my ppor. Hopefully that makes sense.
 
It makes sense, but I wouldnt suggest scamming the grant, you will end up paying it back and penalites. Just wait out your 6 months.
 
It makes sense, but I wouldnt suggest scamming the grant, you will end up paying it back and penalites. Just wait out your 6 months.

I was not intending to scam the grant I was planning to still live their but purchase another property and wanted to know if I would be able to service a additonal loan on top of the mortage with this new property
 
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