Change of Mind: IP to PPR. Will SRO refund stamp duty?

Discussion in 'Accounting & Tax' started by Nir, 3rd Jul, 2019.

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  1. Nir

    Nir Well-Known Member

    Joined:
    31st May, 2019
    Posts:
    74
    Location:
    Melbourne, VIC
    I'm posting this on behalf of my brother.

    Fellow built a brand new home (for the first time. Owns no other property) in VIC last year.
    It had a tenant for about 6 months but has been empty since late-May. Variable IP loan.

    He now wants to move into it himself. Is he eligible to:
    • get the FHB grant?
    • stamp duty refund?
    I've heard and read conflicting opinions on this. While noting that he has to 'switch over' to a PPR within 12 months of building the home (or settling the land?).

    This is based on

    I would love to hear of any similar experience or any advice. Thanks in advance.
    Thanks in advance.
     
    Nir, 3rd Jul, 2019
    #1
  2. Nir

    Nir Well-Known Member

    Joined:
    31st May, 2019
    Posts:
    74
    Location:
    Melbourne, VIC
    ***TYPO
     
    Nir, 4th Jul, 2019
    #2
  3. housechopper2

    housechopper2 Well-Known Member

    Joined:
    5th Oct, 2016
    Posts:
    493
    Location:
    Melbourne
    Both the FhB grant and SD reduction are for people buying houses as their PPOR.

    He bought it as an IP and earned rental income from the property. That is not the purpose of these concessions. Strange to think you could change your mind after the fact.
     
    housechopper2, 4th Jul, 2019
    #3