Negative Gearing Grandfathering
I am a FHB who bought about a year ago and due to personal circumstances ended up moving into the home as I could not live with family (they were selling/moving etc due to seperation). This has been great but after years of savings etc to buy the house I had planned to take advantage of the 6 year CGT exemption and negative gearing to take some financial heat off whilst my loan is young and full of interest. I was hoping to move in with family later this year and convert to an IP now that they have purchased and have settled, which would help my savings whilst I did some travel and maybe moved to other states for work.
I have a clear documented chain of why circumstance delayed my transition to an IP but now I'm worried that the grandfathering will apply to existing IPs only and my flexibility around my finances whilst owning a house has been reduced. I worried now I've missed my chance at negative gearing in the years that it would matter. Whilst I fully agree being a FHB is hard in this market and housing prices need to change, I am still worried that it reduces a lot of the flexibility to rentvest/do other things that allow people to be more creative I'm trying to get on the first rung.