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Sally T.
Sally T.
Carlton, VIC
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We’re first home buyers and would like to ask if the benefits announced in the budget apply to buying an investment property as our first property or do we have to live in it?

3 years ago

Responses

Sally,
The benefits are only available to first home buyers & you have to live in the property for 12 months to retain the benefits.
After that, you can rent the property out. Nothing has changed in that regards with the new concessions announced by the State Government.

Call me if you wish to discuss further

Peter Dall
0414583233

3 years ago

Thank you for the advice, Peter. It is so hard to save and buy within proximity of what is practical.

Regards

Sally

Comments

Hi Sally,
An option that some first home buyers adopt is to purchase an investment property in a middle to outer suburb for a lower price than a house in Carlton may be, getting themselves into the market whilst enjoying the lifestyle of inner city living then using the equity in that property to purchase a suitable property in 5 or more years time.
You would not qualify for the FHOG but you could potentially buy a property that is cash flow neutral and continue your current lifestyle
If you would like to discuss your options further or you have any other questions, please don't hesitate to get in contact
Kind regards
Scott
Scott.howell@mobilelender.com.au
www.mobilelender.com.au
0435474498

Sally,
Yes that is true but concessions such as what the State Government is offering helps. There are other ways of getting into the property market such as parental guarantees, gifts of money that are all considered by lenders as genuine savings.

happy to open dialogue with you to discuss your particular situation. Call or email as below;

Peter
0414 583 233
peter.dall@mortgagechoice.com.au

Hi Sally,

All the info released in the State Budget and the Federal Govt Budget apply to First Home Buyers only. You would have to live in the property for 12 months. Here's a brief summary of the pertinent State Govt info.

1) Land transfer duty (commonly known as stamp duty) to be abolished for first-home buyers purchasing a property up to $600,000, and a duty concession for first-home purchases valued between $601,000 and $750,000
Applies to contracts entered into from 1 July 2017
2) $20,000 FHOG to be available for homes built in regional Victoria up to $750,000
Applies to contracts entered into from 1 July 2017 to 30 June 2020

If you wanted some further information, please search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there. I would be happy to have a chat with you.

Cheers,

Michael Budge
Director
Bayside Finance Group

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