What Would Be The Implications on (First-Home Buyer) Stamp Duty Exemption When Subletting

LFooyoo on 21/03/2018 - 22:22

Hello guys,

I'm buying a place for myself for the first time in Victoria and understand that I will need to move into the property within 12 months of the settlement date in order to enjoy a full stamp duty exemption for a property value at less than $600K.

I would like to know if I'm allowed to subletting out some of the spare rooms in the property which will allow me to earn some rental income and at the same time, not wanting this arrangement to jeopardise or affect my eligibility of enjoying the full exemption on the stamp due.

Any experiences or thoughts will be greatly appreciated!

Thanks in advance!

Financial

Comments

  • djkelly69 on 21/03/2018 - 22:57
    +1

    FWIW it would not be subletting, as you are not 'letting' (renting) the property. It is just renting out a room or rooms of a property you own.

    There does not appear to be anything in the SRO requirements that says you can't rent out rooms (as long as it is still your PPR), but I would probably speak to them to confirm this.

    • dcep on 22/03/2018 - 00:40
      +1

      interesting , in qld you can't rent out any part of your home in the 1st year of applying home concession

    • Fooyoo on 23/03/2018 - 20:24

      @djkelly69 Thanks! I will contact them directly to confirm :)

  • garetz on 22/03/2018 - 07:59

    in NSW you can rent it out wholly or partly for 6 months of the total 12 first months.

  • Fooyoo on 23/03/2018 - 20:25

    Seems like I have posted a question that not many people would come across with :S

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