Some info for property investors who have not purchased there own residential property!!

Straight from the horses mouth as it were. Very interesting!

"All RevenueSA staff have been advised of the legislation surrounding eligibility for the First Home Owner Grant that if you owned an investement property after 1 July 2000 and never lived in that property, you are entitled to receive the grant on the purchase or construction of a home in which you intend on living in.

If you have owned residential property prior to 1 July 2000, then you are not eligible to apply for the First Home Owner Grant at all, regardless of how many properties you owned.

If you have an investment property that was purchased after 1 July 2000 and now intend on living in that property as your home, you must apply for the Grant within 12 months of the settlement date, otherwise, you cannot apply for the grant on that property. There is a 12 month time limit in which you can apply for the grant.

Gail Headon
FHOG Support, Assessing and Taxpayer Assistance

I wasn't aware of this. May help someone.