First Home Owners Grant For An Investment Property

First Home Owners Grant For An Investment Property

A recent survey has found that 40% of Gen Y buyers have said that they plan to purchase an investment property as their first ever property purchase, rather than a home for themselves. This is a fair concept, as property investment is a very exciting oppurtunity, and one that can bring great rewards if managed well. However buying an investment property as your first purchase instead of your own home means you will miss out on all those first home owner grants and stamp duty concessions that are worth tens of thousands of dollars.

But there could be one way around this, there is a way to purchase an investment property while still getting the first home owner grants and concessions.

All of the grants and concessions offered around Australia from every state have certain requirements on the buyers of properties. One of those is that it will be their home, not an investment property. But the only way that this is governed within the rules, is that the buyer must move in to the home within a certain amount of time from the settlement date, and must live in the home for a certain amount of time. Once these two elements are satisfied, there is nothing stopping you from then selling or renting the house out and moving on. So what are the requirements in each state?

New South Wales

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Live in the property for a continuous period of atleast 6 months.

Victoria

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Live in the property for a continuous period of atleast 12 months.

Queensland

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Cannot sell or rent the house within 12 months.

South Australia

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Live in the property for a continuous period of atleast 6 months.

Western Australia

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Live in the property for a continuous period of atleast 6 months.

Northern Territory

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Live in the property for a continuous period of atleast 6 months.

Australian Capital Territory

You can still get the grants and concessions available to you as long as you:

  • Move in to the property within 12 months and;
  • Live in the property for a continuous period of atleast 12 months.

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