Bought as owner occupied but can’t move in immediate

Hi All,

I recently bought a one bedroom unit in an auction in Sydney and was going to move in.
I just got to know my partner has extended our lease in the rented property for another 6 months .
As I bought it as an owner occupied I.e not paying the stamp duty :
Q) how long do I have till I need to move in to the property?
Q) is there any way out as a temp solution ? What can I do to avoid this situation as if I can’t move in, I need to rent it out to cover the mortgage but then if I rent it out then I will be at risk of paying a big penalty and stamp duty..

Please please help..
Thanks
Adi

 

Break the lease and pay the rent until your old place is rented out.

 

Usually you just need to move in within 12 months to satisfy first home buyer conditions - ask your conveyancer though

Cheers

Jamie

 

You should move into the new place quickly so the new place enjoys the main residence exemption from day one.

If you wait a bit you will end up paying tax when you sell. The main residence exemption only applies once you reside in the home.

Just a side thought.