FHB Stamp Duty Question - VIC

Discussion in 'Loans & Mortgage Brokers' started by albanga, 6th Oct, 2017.

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  1. albanga

    albanga Well-Known Member

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    19th Jun, 2015
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    2,701
    Location:
    Melbourne
    Hello Braintrust,

    Hoping the wisdom here might be able to confirm this one. If a FHB purchases a property OTP that has a contract price of 800k but at contract signing it was valued at say 500k (lockup), would they be eligible for the stamp duty concession (either 50% reduction before July1 or none after)?

    I have been informed the answer is No and No to the 10k bonus as well. I can understand the 10k no worries but the stamp duty one is more confusing given the price of The property at the time of signing dictates the amount the stamps is being calculated on.

    Thanks in advance
     
  2. tobe

    tobe Well-Known Member

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    18th Jun, 2015
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    Location:
    Melbourne
    For OTP the sro uses the price/value noted on the contract of sale, for the fhog grant only up to $750,000. Depending on when the contract was signed (stamp duty waiver started for contracts signed 1/7/17) and the amount (again up to $750,000) may indeed not be eligible for the stamp duty waiver either.

    It's only when there are two contracts, house and land is it calculated on either of the contracts. For example a land cost of $400k and build cost of $400k would be eligible for both fhog grant and stamp duty waiver.
     
    Last edited: 6th Oct, 2017
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