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.
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.
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… haha
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.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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