I bought a house as PPOR, first home buyer and got the FHOG and Stamp Duty concession. As I am working away from home at the moment I am probably going to rent it out while I am gone to help pay a bit more of it off rather than have it sit empty.
It will be over the 6mth mark so FHOG is ok, but for stamp duty concession I need to live in it for 12mths - so I will have to pay it back. I was told by OSR that you pay back pro-rata for the amount of time you dont live in it, at the PPOR rates. I have now discovered that for investment properties in QLD the stamp duty is about double, and I was told by the bank that if I rented the house out I would have to pay back the stamp duty at the FULL investment rate pro-rata, not the owner occ. rate? Has anyone been through this, or do you know how it is calculated?
Thanks.
pipsal
It will be over the 6mth mark so FHOG is ok, but for stamp duty concession I need to live in it for 12mths - so I will have to pay it back. I was told by OSR that you pay back pro-rata for the amount of time you dont live in it, at the PPOR rates. I have now discovered that for investment properties in QLD the stamp duty is about double, and I was told by the bank that if I rented the house out I would have to pay back the stamp duty at the FULL investment rate pro-rata, not the owner occ. rate? Has anyone been through this, or do you know how it is calculated?
Thanks.
pipsal