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First Home Buyers
Do I need to pay stamp duty? Are there other options?
First home buyers assistance
For your first property purchase in Australia and you are buying a residential house or unit (that is not brand new) with a price under $800,000 you do not need to pay stamp duty (provided you meet the other requirements). Should the purchase price be between $800,000 and $1,000,000 you can get a reduction in the amount of stamp duty (again the requirements need to be met).
If you are buying a brand new home or unit the price can be up to $800,000 and you do not need to pay stamp duty (the other requirements still need to be met). You can get discount on stamp duty for brand new houses if the price is between $800,000 and $1,000,000 (but do not forget those conditions).
But what if you are buying land to build a home on? You do not need to pay stamp duty if the price is $350,000 or under (check out the other requirements). You can get a discount should the price of the land be between $350,000 to $450,000 (provided you meet the requirements).
What are the requirements for First Home Buyers Assistance
It may not surprise you that there are conditions to be met for the government to allow you to not pay stamp duty or to pay less stamp duty:
1. You must be buying the whole property from the current owner. The concessions do not apply if you are buying part of a property.
2. You must be buying the property in your own name, not in a company or trust.
3. You must be over 18 years.
4. You cannot have owned or co-owned property in Australia before; or have received a previous exemption
5. Your spouse or de facto partner cannot have owned or co-owned property in Australia before; or have received a previous exemption (even if they are not buying this property)
6. At least one of the first home buyers must be an Australian Citizen or permanent resident
7. You must move into your home within 12 months after buying it and must live there for at least 6 months continuously. There is an exemption if your a member of the Australia Defence Force.
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