08/11/2023
Are you thinking of buying your second property? So, don't forget to consider a few things such as:
Stamp Duty: unlike first-time home buyers, you won't be eligible for any stamp duty concessions or exemptions. So, you will need to factor in the cost of stamp duty when budgeting for your second home.
Capital Gains Tax: if you decide to sell your first home to purchase the second one, you may need t pay CGT on any capital gains made.
Financing: depending on your financial situation, you may need to explore options such as bridging loans or refinancing to fund the purchase of the second home.
But remember, it's always a good idea to consult with a real estate agent, mortgage broker or financial adviser for advice based on your circumstances.