I have purchased and settled an apartment property in May which is located in Victoria. For the purchase I received the following grants.
1) Victoria Home buyers fund.
2) First home buyers stamp duty exemption.
I moved into the apartment in May and intend on living there for the foreseeable.
I am looking to rent out the place for a 3 month period from October till January while I am away overseas, then returning back to live in the apartment. I plan to continue paying all the bills for the apartment and leaving most of my possessions in the apartment while I am away however want to supplement my income while I am away by either renting it out for the 3 months or renting it out to multiple people on "AirBnB" while I am away.
Are there any implications with either Victoria Home buyers fund eligibility or first home buyers stamp duty exemption eligibility.
My logic is there would be no implications for the following reasons:
Victoria Home buyers fund eligibility
Extract from VHF Participation Agreement
"10.12 Leasing"
"Note: This part of the Agreement explains when you can agree to rent your Property to another person. You may only do this for up to 48 months while you are not living in your Property."
Leasing period will be approx. 3 month which is less than the 48 months stated above.
First home buyers stamp duty exemption
"You (or at least one applicant) must occupy the home as your (Principle Place of Residence) PPR for at least 12 months, commencing within 12 months of settlement or completion of construction."
This one is a bit more grey but I would still say this is my PPR as I pay all the bills, have mail sent to address and have belongs in apartment. However if not the case I could technically commence my PPR in January 2025 which is within the first 12 months of settlement and continue to live there and not rent it out till Jan 2026 to meet the obligations noted above.
Would anyone disagree with this logic ? Would it be considered my PPR but also an investment property as I will receive income from it.
I welcome your thoughts and comments.
Thanks
1,459 views
1 replies