First Home Buyer, then switching to I.P - Victoria

Hey Property Chat,

Needing some assistance as I can't find much info on the internet perhaps some one might be able to shed me some light.

I am a First Time Home Buyer, planning to purchase a established home in Victoria (Geelong) will be older than 5 years... Since this is my first property it's going to be worth approx $400K which will save me $16,370 in stamp duty.

The question is do I have to live in the property as a OO ? I have heard cases that you have to live in the property for 6 months or 12 months before rolling out to I.P or is this only applicable to FH Scheme such as building ?

Scenario for below

1) Apply for loan from broker as OO then switch to IP 6/12 months ?
or
2) Apply for loan from broker as IP from day one but I might fork out the stamp duty fee ?

Ideally I would like to purchase the property straight away and invest it out on day 1 as I can get the ball rolling.

Apologise for my ignorance.

 

I think it's 12 months.
More information is here;
Apply for a first home buyer duty exemption, concession or reduction | State Revenue Office

 

Hi Ricky

To answer your question:
In order to receive a first home stamp duty concession you must:
-occupy the home as their principal place of reside (PPR) for at least 12 months
-You must move into the home within 12 months of settlement or completion of construction

I recently purchased my first property under an OO loan. I lived in the property for 12 months and have since leased it. I contacted SRO and had my Stamp duty reimbursed

 

Hi reecen96,

Did you refinance your loan when converted your PPOR to IP after 12 months?
Just wondering, what are possible financial matters need to be taken into account when follow this strategy.

 

Yep

Here is the law:

http://www8.austlii.edu.au/cgi-bin/viewdoc/au/legis/vic/consol_act/da200093/s57k.html