Stamp duty on second house

[Tuesday's Child]

DH and I are looking at buying a second house. This will eventually be our family home. However, we are thinking we may be better off to purchase it as an investment property and rent it out while we renovate our current home. Buying it as an investment doesn't incur the same stamp duty as buying it as a home, saving us around $14k. Does anyone have any idea how long we would need to rent it out before we could move in to it?

[Now we're 3]

sorry no idea but if you go onto the Office of State Revenue website in your state you should be able to find that information. Rules differ from state to state as it is the state government that gets the stamp duty fees. website address should be www.osr.gov.au and then I think you will need to put / NSW or SA etc etc.

Hope this helps a bit.

Cheers

[RhiChiChi]

I'm moving to Adelaide because in Victoria you pay stamp duty regardless of what type of house it is. I'd definately go to the SRO for your state and see if it is in there. GL

[Sopdet]

I'd advise talking to your accountant, they'll be able to give you advice as to capital gains etc.

[Beach Mama]

Pretty sure it's 12 mths, (same as if you purchase to renovate then sell off) but might be best to check with the relevant authority to be sure.

[Tuesday's Child]

It turns out DH got the wrong info and you pay the same stamp duty regardless. It'd be the tax implications that would differ. But I will check out that website thanks.