As of 1 July 2017, there will be no stamp duty payable for new or existing properties purchased by first home buyers (FHB) for properties under $600,000.00. There will be concession or discount applicable to purchases between $600,000.00-$750,000.00.
This allows FHB to use more of their savings towards their new home. It could be a saving of up to $15,000.00.
A FHB must also qualify under the criteria and definitions set out on the State Revenue website First Home Owners Grant Act 2000. Remember both parties must be FHB and must be Australian Citizen or permanent residents and the property will be used as your principal home for a continuous period of 12 months.
At Scanlan Carroll, we have extensive experience in assisting our clients in all areas of conveyancing and would be happy to assist in this regard.
If you seek further advice in relation to stamp duty or how the new legislation will impact you, please contact Foula Markos, Senior Conveyancer ([email protected]) on (03) 9853 0311.
This bulletin is provided for general information purposes only. Each person’s circumstances are different and the information contained in this bulletin should not be relied upon as a substitute for legal advice.
The information in this bulletin is current as at the date of publication.