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First home loan

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Mark O | 02 Oct 2013, 11:21 AM Agree 0
Hi guys,
I was wondering is it possible to get a loan for my first property and to rent it out as a investment straight away.Would that cancel out my first home owners grant if I did so?I am currently living in a mining town but do not wish to buy here and will be working here until the end of next year,hence the property I wish to buy is in another town. Is it foolish to buy a investment property before I have bought a house for myself??
  • Kate | 02 Oct 2013, 12:50 PM Agree 0
    I'm also looking to buy my first property. You have to live in the property for at least 6 months to claim the First home owners grant, annoying! Although if you research the rental yield of the area, you may find you'll earn around the same of even more in 6 months renting it out than receiving $10,000 for living in it. Hope this makes sense. Also recommend getting on to a First home owners bank account (ie. Teachers Mutual Bank), which the government contributes a max of $1020 (Tax free income) every financial year for 4 years, if you can contribute at least $6000 to the account per year. Pretty good deal! :)
  • Mark | 02 Oct 2013, 03:30 PM Agree 0
    ThanKs very much for that Kate, definitely something to think about:)
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