Forums / Property Investing / Help Needed! / first home buyer advantages after having an investment property (NSW)

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  • Profile photo of mm
    Participant
    @ashmagadum
    Join Date: 2017
    Post Count: 0

    Hi,

    I’ve bought an investment property 2 years back and it is rented since day 1.
    I never lived in that property.

    Now, I’m planning to buy a property for living and some of my colleagues mentioned that, I’m still eligible for “first home buyers” benefits, as I’ve not lived in my investment property.

    My investment property is in Sydney and am planning to buy another property in Sydney for living.

    Could you please let me know, if I’m eligible for “first home buyers” benefits after having an investment property?

    Thanks in advance,
    Ash

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 240

    you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000

    But if you own a property your not compliant, its only on the first purchase, did you receive stamp duty waive off your IP?
    (to be fair the wording on the NSW website isnt that clear)

    Profile photo of IllusivedreamsIllusivedreams
    Participant
    @illusivedreams
    Join Date: 2018
    Post Count: 2

    Ash no go .

    Only get 1 chance on first purchase.

    Profile photo of mm
    Participant
    @ashmagadum
    Join Date: 2017
    Post Count: 0

    We didn’t claim any waivers, as property costed us $850,000.
    And in 2016, first home buyers benefits were only for newly constructed house/units.
    The one I bought was 40 yrs old.

    Profile photo of mm
    Participant
    @ashmagadum
    Join Date: 2017
    Post Count: 0

    Will solicitor be able to put some light on this? or is it Accountant? or Mortgage broker?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,016

    Will solicitor be able to put some light on this? or is it Accountant? or Mortgage broker?

    A lawyer as it relates to the First Home Owner Grant legislation and duties act. You can look these up yourself too.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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