Tenanted property - fixed to periodic lease

Discussion in 'Accounting & Tax' started by DaMonkeyMan123, 21st Nov, 2017.

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  1. DaMonkeyMan123

    DaMonkeyMan123 New Member

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    21st Nov, 2017
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    Brisbane
    Hi guys,

    New poster here. I have just bought a unit in Brisbane. It is tenanted until March, and I move in around June. I have claimed the stamp duty exception as a first home buyer.

    In an ideal world, I can keep the tenant in place for another two months, just to avoid the overlap of mortgage/rent. If the current fixed lease rolled over onto a periodic lease, this would mean I am no longer eligible for the exception I believe.

    Can anyone confirm?

    Thanks!
     
  2. wylie

    wylie Moderator Staff Member

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    I can confirm that my son was not allowed to extend the lease when he bought with tenants in place. He could not write a new lease and he could not allow them to stay past the lease end date.
     
  3. thatbum

    thatbum Well-Known Member

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    Check the requirements in QLD - but I think for most FHB grants around the country, you have 12 months to move into the place.
     
  4. wylie

    wylie Moderator Staff Member

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    This is a question about stamp duty exception, and that is different I think than FHB grants.

    OSR is the only place to confirm, but the situation was as I described for my son. I don't think it has changed. He could neither renew the lease, nor allow the sitting tenant to stay one day longer than the end of the lease it was sold with.