First home buyers stamp duty
Buying your first home on or after 1 July 2017? Find out if you are eligible for an exemption or concession from duty.
Don't enter into a contract until you have read this post
If you entered into a contract to buy your first home before 1 July 2017, you may be eligible for the first home buyer duty reduction.
This duty assistance is available to eligible first home buyers, in addition to the First Home Owner Grant.
Once you have read the information below, you can find out more about applying for the exemption or concession.
Exemption or concession
The first home buyer duty exemption or concession may be available if:
You enter into a contract of sale to buy your first home on or after 1 July 2017.
Your home has a dutiable value of:
$600,000 or less to receive the first home buyer duty exemption,
$600,001 to $750,000 to receive the first home buyer duty concession.
All the purchasers of the property meet the First Home Owner Grant eligibility criteria, and
at least one purchaser satisfies the residency requirement.
Unlike the First Home Owner Grant, it doesn’t matter whether you buy a new or established home.
The dutiable value is usually the contract price. If you buy your home off-the-plan, the dutiable value is determined after applying any off-the-plan concession. This means it will probably be less than the contract price.
If you are buying a property with a foreign purchaser, special rules may apply.
Contract date from 1 July 2017
To be eligible for the first home buyer duty exemption or concession, your contract of sale must have been entered into on or after 1 July 2017.
You are not eligible for the concession or exemption if:
The contract was entered into before 1 July 2017 but the property settled after this date.
You are nominated as a purchaser on or after 1 July 2017 on a contract signed before this date.
You signed a contract to buy vacant land before 1 July 2017 and will build your new home within 12 months of settlement after 1 July 2017.
In these circumstances, you may be eligible to receive the first-home buyer duty reduction instead.
Talk to us today to so we can find the best property to suit your needs and help you take the next step in obtaining your first home owner grant.
10 views0 comments