Forums / Getting Technical / Legal & Accounting / Can I have two PPOR's

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  • Profile photo of ChelkinChelkin
    Participant
    @chelkin
    Join Date: 2009
    Post 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.

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post 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.

    Profile photo of tom123tom123
    Participant
    @tom123
    Join Date: 2013
    Post 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… haha

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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