FHOG 2015 Eligibility

by DP


I am writing to check on the following situation:

- I have a land which I initially bought with the intent to build my first home in. It has been over a year now and I am now changing to mind to make it an investment.

Can I claim back the interest that I have paid on the property?

- After the property is build, I will rent it out for 6 months. And move in withtin 12 months of completion of the build. Am I still eligible to claim the FHOG and the stamp duty paid?

It would be great if someone can aid me with some clarity on the above situation.

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Aug 11, 2015
You must live in the property for 6- out of the first 12-months
by: Elizabeth

Dear DP,

As always, it is best to seek the advice of a professional tax agent, or even your state's Office of State Revenue (OSR) for clarity in situations where you are hoping to rent a property out during the first 12 months after building with a First Home Builder's grant.

It may be possible to rent the property for the first six months (No more! Be careful!) and then live in it for the second.

However, you must be aware that this can affect your tax, especially Capital Gains Tax (CGT) in future. Best to have all the information before proceeding.

All the best,

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