Possible investment strategy?

Just wanted thoughts on an idea. And to know if it's possible and/ or allowed to be done.
So we're looking to buy an IP shortly. This will be our first property. Question I have is if we only put one name on the title, then when we buy our second which will be a PPOR, will we be entitled to first home owners grant? Or is this frowned upon?
If say I go on this title and my partner goes on the next? And is it possible to have your name on the mortgage but not on the home? As one of us applying solely for the home loan is likely to be rejected for such an amount. Hope that all makes sense.
Love to hear your thoughts

 

So if they go co borrower, the stamp duty will still be voided on the second property anyway?
Cheers

 

Double dipping wouldn’t be possible for stamp duty savings, as long as one of the spouse has exercised their FHB benefits.

 

Say you dont get FHB benefits on the first house though because it's INV. No way to claim it on the next house aka your first PPOR?

 

FHB benefits are not applicable anyway where the property purchased is for investment purposes.

Once purchased your solicitor/conveyancer will be asking you if the asset will be used for investment or to live-in. If to live-in then the next question would be are your first home buyer, yes then FHB benefits would apply else they remain preserved aand would apply when you buy a property next to live in & and assuming the FHB scheme is active at that time for you.

 

In general most states will ask if you or your partner have previously held property when determining if you are eligible for FHB grants and rebates. So you can't take turns.

However in some States you can purchase an IP and still be eligible for First Home Buyer grants and rebates when you purchase a PPOR. You need to check with your State Office of State Revenue (or whatever your state calls it) and find out.

In my state (WA) you can both have as many IPs as you want in any names and as long as you never lived in them (ie didn't live in it then convert to IP) then you are potentially able to still access the FHB grants and rebates.

 

Awesome thanks for the info!

 

Where would I go to find information on QLDs rules?

 

Check your eligibility