What is the minimum amount of time you have to live in your property before renting it out to tennants?
Regards,
B[8D]Hi,
I found some info as below….
Eligibility
“You must occupy the home for which the grant is claimed as your principal place of residence within one year after the eligible transaction for the home is completed”The following Qld government site has some good info (not sure if it only applies to QLD though??)
http://www.osr.qld.gov.au/gas/fhog/faq_residency.htm
From the site….
How long must I reside in the property to establish it is, or will be my principal place of residence?
There is no minimum period that you are required to live in the property to maintain your grant eligibility, however, the onus is on the applicant(s) to prove that they have lived in the property as their principal place of residence, if requested by the Office of State Revenue.And…
Is it possible to rent the home out before I move in?You may rent out the property before you move in, provided that you occupy the home as your principal place of residence within the specified 12 months.
I assume rent before or after you move in would be allowed. As long as you occupy the property as per the guidelines. Best to check though…
Hope this helps.
Cheers.
Dear All,
I plan to live in this property for approximately 2 months – but my work commitments are in Sydney, so this will technically be my place of residence for 2 months but then move out, to work again for 12 months, then move back in for good!
Can I do that????[}
]A question to ponder for all you legal eagles out there.
May I suggest (and I stand corrected on this) that even if you move temporarily into your property and don’t stay there twelve months that you may be given some leeway by the State Revenue Office as your INTENTION was to make the dwelling your PPOR????
Just a thought because people’s circumstances do change………….
Take care
Dave []So, if this is my situation, what should I do ppl????
Hi househunting
Try ringing the Office of State Revenue in NSW and be honest with them about your situation. If your circumstances have changed genuinely then tell them that and see if they come up with any suitable alternatives for you. You’ve got nothing to lose by asking the questions……..they may even be able to help you more………….
hope this helps……
Take care
Dave []Hello,
You will find that the SRD is mainly concerned with your eligibility to have the grant, rather than policing your PPOR.
The act doesnt stipulate the amount of time that you must live in the home, it simply says that you must occupy it.
I would live in it for the first two months, and then rent it out thereafter. This will save you problems with tenancy issues.
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.auThat’s my problem….the legislation is very grey – what is deemed ‘enough time’. I may think its 2 weeks – you may think its 6 months and the guy sitting next to you could say 9 weeks?
It will be my place of residence for approx. 2 months, but is that legally enough? And when you call the freecall 1300 number, to clarify or even understand the legislation you have someone just reading a transcript which is frustrating.
I just don’t want to be on the ugly side of the stick if it comes back to bite me!
Hi,
I found another post that should answer you questions…
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=585
Cheers
]
The topic ‘FHOG and Tennants!’ is closed to new replies.
