HOME LOANS

Owner Occupation

As the name proposes, it refers to the situation at law where the vendor/owner of the residential property also resides in the residence as their principal place.

 

There are in most states stamp duty discounts if you are or are going to be the owner and your principal place of residence. 

However, you must also honour the qualification time-frames that are in place.

You can claim a home concession if you:
 

  • buy a home and move into it within one year of the date of transfer or acquisition live in the home as your principal place of residence do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home, or 

  • surrender the lease to another person(s) before moving in or within one year of the date you move in. 
     

Sometimes it is part of your succession planning or asset protection for your family company and a trustee to own the house that you live in.

 

Companies and Trustees Companies are not eligible to claim home/first home transfer duty concessions or first home vacant land concessions.

 

Trustees who occupy a home as their principal place of residence are not eligible for the concession unless the:

  • transferees are trustees of a trust (other than a discretionary or unit trust) 
     

  • beneficiaries are individuals, all of whom are under a legal disability and 
     

  • residence would be the home of all the beneficiaries if they were the transferees/lessees of the land.

Glenn N Gough, DipFMBM, MFAA (CA), MIPA, C.dec, is a credit representative 390993 of BLSSA Pty Ltd, ACN 117 651 760 (Australian Licence 391237)

Copyright © Gough Group Financial Services 2019 - Updated 28/04/2019

Proudly designed by Webcodes Designs