logo-typelogo-typemobile-logomobile-logo
  • Home
  • About Us
  • Our Services
  • Conveyancing Costs
  • Blog
  • Contact us at Northcote
  • Contact us at Cranbourne North
Buying a property off the plan
September 3, 2019
What happens at (electronic) settlement?
November 2, 2019

Are you a first home buyer?

Published by Andrew Rothfield on October 9, 2019
Categories
  • Blog
Tags

The Duties Act regards you as a first home buyer if:

  1. You have never owned a residential property in Australia, or you have purchased a residential property in Australia on or after 1 July 2000 but have not lived in it for a continuous period of 6 months or more.
  2. You don’t have a spouse or domestic partner, or if you do, they also satisfy criteria 1 above.
  3. Either you or your spouse or domestic partner are an Australian citizen or permanent resident.

First home buyers are exempt from stamp duty for purchases of residential property with a dutiable value of up to $600,000, and receive a stamp duty concession for purchases with a dutiable value in the range $600,001 to $750,000, provided that in either case the property will be used as their principal place of residence for a period of 12 months commencing within 12 months of settlement.

Please note that construction costs incurred after the Day of Sale are not dutiable for a principal residence, so that it is possible to buy a residence (usually off the plan) for more than $600,000 whose construction is either not commenced or complete, and its lower dutiable value enables a first home buyer to receive the stamp duty exemption or concession.

If the home that you are buying is new, to be constructed or off the plan, and its total cost is $750,000 or less, you would also be eligible for the First Home Owner Grant of $10,000 ($20,000 for properties in regional Victoria).

If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing Northcote on 03 9815 2351 or Cranbourne North on 0415 190 080 for more information.

Share
0
Andrew Rothfield
Andrew Rothfield

Related posts

December 4, 2019

What is GST withholding?


Read more
November 2, 2019

What happens at (electronic) settlement?


Read more
September 3, 2019

Buying a property off the plan


Read more
August 3, 2019

What is a Section 27?


Read more

Recent Articles

  • 0
    What is GST withholding?
    December 4, 2019
  • 0
    What happens at (electronic) settlement?
    November 2, 2019
  • 0
    Are you a first home buyer?
    October 9, 2019

Site Menu

  • Home
  • About Us
  • Our Services
  • Conveyancing Costs
  • Blog
  • Contact us at Northcote
  • Contact us at Cranbourne North

Northcote office

3 Gray Street
Northcote VIC 3070

P: (03) 9815 2351
F: (03) 9818 2696

andrew@glenferrieconveyancing.com.au

Cranbourne North office

14 Taradale Street
Cranbourne North VIC 3975

M: 0415 190 080
vikram@glenferrieconveyancing.com.au

© 2019 Glenferrie Conveyancing Pty Ltd. Web Design by Online Tree