Hi guys, quite new the investing scene but I have put countless hours into textbooks and research etc.
And in doing so, I have stumbled upon the first home buyers saver account scheme. In essence the government adds (+17%) on to the regular interest that a high interest savings account normally offers (~5%). It however requires you to save for 4 financial years.
I am unsure if it allows you to save this way for an investment property. And will this apply to the first home buyers grant (~$7000)?
I quote:(http://www.ato.gov.au/individuals/co....htm&page=4&H4)You can withdraw the funds from your first home saver account to purchase or build your home even if you are purchasing or building properties that will not be your main residence under the same contract.
Does this mean that I have to purchase something similar to a duplex and live in one of them?
Also for how long do you have to live in your dwelling for you to dodge the capital gains tax?