Re: First home grant question
Originally Posted by Mr Sparkle
I lived in the house I bought for 12 months, but there was NO stipulation that I had to be there for that long. A few months ago I received a letter where I had to provide proof I had lived at that address ** AT SOME TIME ** in the first 12 months of ownership, NOT FOR 12 MONTHS! I had to provide them with two or more certain documents, which included water rates, council rates, electricity bills and one or two others. This means as long as you have 2 of these documents from that address, dated at any time in the first year of ownership, you'll be covered. The rest of the time, you can rent it out and negatively gear it.
Yes, Sparkles is correct. According to the legislation, you only have to have lived in it "at some time", not for 12 months at all. Its actually a very common thing to do: buy your first house when you are living with your parents, live in it and get a couple of bills sent there in your name.... move back in with your parents and rent it out. I actually rang the authorities and checked this with them to verify, it's perfectly legal.
I think many people get the 12 month thing confused with say Homestart Loans (thats in SA, dont know what they are called anywhere else) where there IS a minimum time you have to live in it, ie 12 months, or maybe longer such as 2 years.
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