Hi, Hoping someone can help with with some stamp duty confusion. I am looking a purchasing my first property in QLD and would qualify for the stamp duty concession. However i do not intend to occupy it as my PPOR for the whole year. I am going to move in an ocupy establish it as my PPOR and eventually rent it out and turn it into an I/O. My question is, will i have to pay stamp duty at an investment rate (about $8500 for a $300,000 property) or PPOR stamp duty (about $3500)?
The rules in WA are you need to occupy the property within 12 months of settlement. Will you be renting it out or is it already rented? I/O - did you mean IP or Interest Only? I would say no if your intention is to occupy as PPOR. Best to check with your conveyancor on this.
You will pay the investment rate of Stamp duty and regretfully will then loose the concession even when you purchase a PPOR. Cheers Richard
Sorry i meant investment property. It isn't already rented out, I am planning on moving into it for right away and then eventually renting it out. My intention is to occupy it as a PPOR. Cheers
Thanks Richard, So do i still pay investment rate stamp duty even if i occupy and establish it as my PPOR for about 6 months before it becomes an investment property?
Should still be eligible then. Set your structure up like its an IP from day dot by going IO with a linked offset and make interest only payments each month keeping the principal and any left over savings in the offset account and focus on building it up for the next move
Check legislation. I was under the impression that in Qld you had to live there for 12 months to qualify. But this may have changed. Your solicitor should know. Marg
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