Hi all,
I am seriously thinking of making an offer on a house in Melbourne's inner west. The house is currently tenanted and has a lease until the end of september. I'm just wondering whether I would be able to claim the FHOG if I buy it now and leave the tenants in there until the end of the lease. I would still be moving in there within the 12 months required however it is technically being used an investment property initially.
hi you'd have to check this out more in detail with your state office but you can logically rent out the property for the first 11months and move in on the 12th month after settlement to still receive the FHOG.
skuz,
I think young investor01 is correct.
But, unsure if you may need to get a valuation done when you move in as house is rented thus your occupation is at a different time than your purchase. Also you will need to do your tax for the rented property until you move in. Lots of issues to straighten out, maybe you should check with an accountant??Skuz
No problems in the property being an investment property iniitally and you then moving in within the required timeframe and collecting the FHOG.
Depending on the State you may find that you wont get the exemption on the stamp duty however so that maybe a consideration.
Also make sure your mortgage broker structures the loan correctly from day 1 as otherwise the flexibility and interest savings maybe lost for good.
Richard Taylor | Australia's leading private lender
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