All about Principal Place of Residence

If you are buying a property, you should be asked “Is the property going to be your principal place of residence”.

For investors, including trust and superannuation fund purchases, the answer is no.

However, if the answer is yes, you may become eligible for several things:

• A stamp duty concession if the property costs no more than $550,000.
• A stamp duty exemption if you are a first home buyer and the property costs no more than $600,000, or a stamp duty concession if you are a first home buyer and the property costs less than $750,000.  Furthermore, you may receive the First Home Owner Grant of $10,000 (or $20,000 for a regional property) if the property is a newly built house or you have bought residential land and will build a dwelling on it within 12 months of settlement.
• A stamp duty concession if you are a pensioner and the property costs less than $750,000
• The construction costs exemption if you are buying off the plan, and the contract was signed on or after 1 July 2017.
• An ongoing exemption from land tax.

For more information about principal place of residence and stamp duty concessions, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351.