Stamp Duty, Concessions & Government Grants Overview for First Home Buyers
The following is an overview only and should not be relied upon as being conclusive evidence of your eligibility for either the stamp duty concessions or the government grants
STAMP DUTY CONCESSIONS
FIRST HOME BUYERS are eligible for stamp duty concessions on the contract for the purchase of the property.
If you have never owned a home in NSW before and the property you are purchasing is to be used as your permanent place of residence and the purchase price is less than $500,000.00 then you are eligible to have the stamp duty waived on the contract for the purchase of the property.
If the purchase price is more than $500,000.00 and less than $600,000.00 the stamp duty will be discounted.
The higher the price the less the discount until at $600,000.00 full duty is payable.
Concessions are available for the purchase of vacant land up to a purchase price of $300,000.00 with concessions on a sliding scale up to $450,000.00.
Stamp duty on mortgages for the purchase of some residential properties was abolished from 1st September 2007. First Home buyers should not need to pay stamp duty on a mortgage - check this with your conveyancer.
To confirm whether you are eligible for the stamp duty concessions you should contact your my property exchnager.
FIRST HOME BUYERS GOVERNMENT GRANT
If you have never owned a home in Australia before then you may be eligible for a Federal Government Grant. This grant is available to all first home buyers regardless of the price of the property subject to the following conditions;
- The purchaser must be a single person or couple, any more than two purchasers & you are not eligible.
- At least one purchaser must be a permanent resident of Australia.
- The property being purchased must be used as the applicants permanent place of residence.
- There is no income test.
The Grant of $7,000.00 is available.
- If you are purchasing an existing (already built) home.
- If you are having your house built or you are an owner/builder.
Application for the grant can be lodged through your lender provided they are an "approved financial institution".
Check with your lender to see if they are an approved lender. If the lender is not an approved financial institution then the application can be lodged direct with the Office of State Revenue.
It is preferable that the application be lodged by your lender as they will be able to have the grant available on the day of settlement and use the grant monies to assist with the purchase price.
My Property Echaxchnage is happy to look after all the forms for no cost, simply mention this article to your my property exchanger!
Disclaimer: While every reasonable effort has been taken to ensure the accuracy of the information contained in this web site the Australian Institute of Conveyancers NSW Division takes no responsibility for anyone relying on the information. The Australian Institute of Conveyancers NSW Division disclaims all responsibility for any loss or damage suffered by readers or third parties in connection with the information contained in this web site.