Guys, My understanding is that the three main rules for not being able to apply are the following: Received the FHOG in Australia, Owned a home in Australia, either jointly or separately, prior to 1 July 2000, Lived in a home in Australia in which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months So I am guessing if you own another 10 properties all over Australia Victoria included bought prior 2000 you can still apply? Also do you reckon this rule is going to change after the 1st of July? Thanks, Luca
If you family or partner ever lived in any of the ten properties for 6mths or more - No You may be asked to indicate and evidence where you did live if you seek to claim the exemption and have 10 properties. The Vic state budget could include changes but none are proposed THe rules do not prevent persons applying. They may limit approval.
Hey Luca Your best bet is to contact the SRO for a response on your situation. The VIC guys are quite good/helpful. Cheers Jamie
At this point as of the 1/7/17 in Victoria I haven't seen anything changing the fact that you can buy an IP or 10, then still be eligible for the FHB benefits later. The Victorian State Revenue Office website is particularly vague about what will happen however. It is possible that there'll be a change of this nature which they're not drawing attention too.
@Peter_Tersteeg I know that`s the risk, I was looking to buy my first IP but don`t want to loose the opportunity on the FHBG
I don't think it's a huge risk, it's been around for 17 years, but there is still some risk. The bigger picture the consequences of missing the FHB benefits shouldn't be enough to stop people from investing. I'd still build the investment portfolio and worry
In most states a trust helps protect the first home issues. I have no idea about Vic as sometimes a trust can hold a PPOR and the OSR will allow the land tax exemption for a trust property. I I'm unsure if a reverse effect occurs with the first home concessions with that.
