As FHB for an existing property can i rent it out for first 5 months?

Discussion in 'The Buying & Selling Process' started by Ripple, 22nd Aug, 2021.

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  1. Ripple

    Ripple Member

    Joined:
    4th Feb, 2021
    Posts:
    5
    Location:
    Sydney
    Hi All,

    I have bought an existing property in Sydney as a First Home Buyer. As a FHB, i understand that i am required to move into the property within 6 months of settlement and live in there for at least 6 months. The question i have is about moving in. I am settling the property in September but do not want to move into the property until February 2022. The reason is that i am currently renting an apartment and its lease will finish by February.

    The owner from whom i am buying the property has offered to live in the property post settlement ( i cannot negotiate the settlement date anymore so its not an option), he is ok to live in the property and pay rent through the real-estate agent. The agent has asked me to confirm if i want the owner to stay there for next 5 months. Plan is that i will move in there post that. Is this ok to do or not allowed? Can someone please suggest what is the best way to do this...Thank you.
     
    Ripple, 22nd Aug, 2021
    #1