- ChelkinParticipant@chelkinJoin Date: 2009Post Count: 15
Hi, I have a house that used to be my PPOR in Brisbane, it has now been rented for the last 2.5 years. I am wanting to sell this house when the tenant’s lease is up in August. I am currently renting myself and I am now wanting to purchase another PPOR to reside in. I know that you have 6 months after moving out where you can call two properties your PPOR if you genuinely resided in both, however, the issue is I am currently not residing in the PPOR I want to sell and I don’t think this rule applies in my situation. I also don’t plan on moving back to sell. It is still my PPOR as I lived in the property from the time of original purchase. My question is can I still purchase another PPOR now before I sell my first PPOR? Or is it best to wait until I sell my first PPOR before purchasing another? The main reason being is I want the stamp duty exemption on my next loan as it will be a PPOR I will live in, also it will be a significant amount to pay if I buy it as an IP due to having a PPOR already, so hoping to not have to pay stamp duty. Hope this makes sense, your help is greatly appreciated.CatalystParticipant@catalystJoin Date: 2008Post Count: 1,404
Do you get the stamp duty exemption on every house you buy as a PPOR? I thought you only got it on your first one? (I”m not up on Qld laws).
You MAY be able to get away with the 6 months as it is still classed as your PPOR. Check with your accountant.tom123Participant@tom123Join Date: 2013Post Count: 91
ask the vendor for the next PPOR you buy to have a longer 3 – 6 months settlement (i’m in vic not sure if you can do this in qld and pay stamp duty afterwards) buy on a lease option for 3 months – 1 year.
see a accountant… hahaRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
In Qld there is a concessionary Stamp Duty rate on every property you purchase as a PPOR.
Not quite as generous as the 500K exemption you get when you buy your very first property but still very generous.
Yours in Finance