Temporary visa holder (Parent) buying Property with Australian Citzen/PR

[muz068]

Hi Guys,

My parents are planning to come to Australia on an 870 visa (5 years). 

They are really interested in buying a property here to live here. 

They want to buy a property with me (Permanent Resident)

I have not owned property previously

Now, I have got a few questions regarding this:

First of all, if they buy a property with me -  is it necessary for me to use a stamp duty waiver and first home owners grant?

I mean I want to just buy the property with them so that they don't have to go through FBR process and pay normal stamp duty instead of paying four (4) times stamp duty as foreign buyers

I want to keep the stamp duty waiver and homeowner grant for myself i.e when I buy a home for my own family (wife and kids)

Please assist me as I am in a dilemma 

[NickyNook]

LOL! You can't have it both ways. 

You are only entitled to a Stamp Duty Waiver and First Home Owner's grant if you're buying your first home.

Obviously, if you've already bought a place with your parents you will not qualify for those concessions when you go to buy your second home with your wife.

Why don't you and your parents just do the right thing? They should be paying the correct stamp duty as per the FIRB rules for foreign buyers and then you can use the first home owner concessions when you buy a place for your own family. No dilemma at all..

 

[calNgary]

If your name is listed as a buyer when purchasing a house in Aus with your parents, you will not be able to claim it again if you want to buy another property.

 Cal x

[muz068]

38 minutes ago, calNgary said:

If your name is listed as a buyer when purchasing a house in Aus with your parents, you will not be able to claim it again if you want to buy another property.

 Cal x

Hi,

Thank you so much for your response. 

I guess then I have no option but to first buy my property and then I will buy another property with my parents later

[muz068]

1 hour ago, NickyNook said:

LOL! You can't have it both ways. 

You are only entitled to a Stamp Duty Waiver and First Home Owner's grant if you're buying your first home.

Obviously, if you've already bought a place with your parents you will not qualify for those concessions when you go to buy your second home with your wife.

Why don't you and your parents just do the right thing? They should be paying the correct stamp duty as per the FIRB rules for foreign buyers and then you can use the first home owner concessions when you buy a place for your own family. No dilemma at all..

 

Thank you for your reply.  I didn’t mean to claim stamp duty exemption and grant twice. It was just that I did not want to use my waivers and grant towards my parents house. I wanted to save these for my own family.  I guess then I should buy my own home first and then buy it with parents to save them from excessive stamp duty 

[SusieRoo]

There is a possibility of the foreign buyers restrictions and stamp duty being scraped. Also could be some new additional first time buyer incentives later this year to try and help the housing market. However you would need to temper this with an expected decline in prices. It may be cheaper to rent for a few years, especially now as rents are falling too.