ABOLISHING STAMP DUTY FOR FIRST HOME BUYERS
ATTENTION FIRST HOME BUYERS- NEW CHANGES TO STAMP DUTY FOR 2017
About this initiative
From 1 July 2017, first home buyers purchasing properties valued below $600,000 will be exempt from paying stamp duty. Further, first home purchases valued between $600,000 and $750,000 will receive a concession applied on a sliding scale. It will be available for new and established home purchases.
This initiative gives first home buyers across the state a helping hand, by substantially reducing the upfront cost of purchasing a home.
How will it work?
The exemption and concession are available for new and established home purchases and will be applicable to contracts signed from 1 July 2017.
What are the criteria to qualify for an exemption or concession?
- The home must have a dutiable amount of less than $600,000 to receive a stamp duty exemption.
- A concession applies on a sliding scale for purchases with a dutiable amount between $600,000 and $750,000.
- The dutiable amount of a property is generally the greater of the purchase price or market value, minus any deductions (such as a deduction for an off-the-plan the purchase).
- The purchaser and the purchaser’s partner must be first home buyers, consistent with the definition under the First Home Owner Grant Act 2000.
- The purchaser must be an Australian citizen or permanent resident (New Zealanders holding a special category visa are considered permanent residents if they are in Australia at the time of settlement).
- The purchased property must be used as the purchaser’s principal place of residence for a continuous period of 12 months, commencing within 12 months of possession of the purchased property.
For more information, contact our Conveyancing Department on 03 8742 3199.