TRS question

E

errigal

Registered User
Messages
107
Hi

I purchased my first home in 2001, and had TRS on my mortgage for the first 7yrs.

My wife and I subsequently traded up, keeping the original property as an investment - however my wife was not involved in the original mortgage/purchase.

As the mortgage on our new home is in both our names and is my wife's first home, where does this leave us in terms of TRS entitlements on it?

We haven't been receiving TRS at source since we traded up and it just came to mind that perhaps we have some entitlement here?

TIA
 
Errigal,
You are classified as a nonFirst Time Buyer (FTB) as you purchased your first home in 2001, but you are still entitled to TRS on your new property for 7yrs.

Your wife is classified as a FTB as this is her first mortgage.

The year you married comes into it as well. For example if you purchased your first home in 2001, got married in 2004 and moved to your new home in 2006. Then your wife's FTB start year would be 2004.

Both of you are entitled to TRS, if your new home was purchased after Jan 2003.
 
Thanks for that answer. I don't understand the logic of how the marriage date comes into play, but thanks anyway.
 
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