After endless research to find the perfect suburb for your lifestyle and budget- not the mention the countless Saturday mornings spent attending opening homes – you have found your perfect property to call home. Only, there’s a catch – your agent has advised that the tenant still has a current lease.
How does this impact the stamp duty concession which you were planning on claiming?
You may still be eligible to claim the stamp duty concession, as your principal place of residence, with an existing tenancy.
To be eligible, any existing tenants must move out when their lease expires, or within 6 months of settlement, whichever is the earlier. Previous owners who also continue to stay in the property must also move out within 6 months.
So, if the tenant has a longer lease term than 6 months from the settlement date, you will need to pay the higher rate of stamp duty. However, if it is less than 6 months, you can still purchase the property as your principal place of residence and collect rent from the tenant until such time as they vacate, and you can move into your new home.
If you have any further enquiries about the stamp duty concession eligibility or the contract you wish to sign, please contact our property team at firstname.lastname@example.org or call 1300 428 947.
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