Are you purchasing a property for the first time?
If the answer is yes, you may be entitled to apply for a concessional rate of stamp duty or even an exemption from paying stamp duty altogether.
Under the First Home Buyers Assistance Scheme if they are purchasing a property for the first time and the property is less than $650,000.00 you can apply for a full exemption from stamp duty. If the property is between $650,000.00- $800,000.00 you can apply for a concessional rate on stamp duty.
The First Home Buyers Assistance Scheme also applies to vacant land, so if you are planning on building and then living in the property you may also apply for the First Home Buyers Assistance Scheme. For vacant land if the value is less than $350,000.00 you will be exempt from paying stamp duty. For land values between $350,000.00 and $450,000.00 you can apply for a concessional rate.
To qualify for the First Home Buyers Assistance Scheme:-
- The Contract date is to be on or after 1 July 2017;
- You must be an individual (not purchasing in a company or trust name);
- Must be over the age of 18 years;
- You, and or your spouse or partner, must never have owned a property either solely with someone else;
- You, and or your spouse or partner, must never have received a exemption or concession under a scheme before;
- At least one of the first home buyers must be an Australia citizen or permanent resident;
- You or one of the first home buyers must move into the property you are purchasing within 12 months from settlement and live there for a continuous period of at least 6 months.
For more information kindly contact the property department on 02 4721 6200.
Written by Megan Johnson