First Home Owner definition for claiming stamp duty relief VIC

Discussion in 'The Buying & Selling Process' started by James Baker, 31st Oct, 2017.

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  1. James Baker

    James Baker Well-Known Member

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    Hi there

    House 1
    I plan to buy a land and house property from a builder which will b delivered only in 2019
    However I will sign th contract now and give the 5% advance payment
    The total cost is 600k

    House 2
    I will buy a 600k property in auction in the coming days and get it registered

    Can I can claim the stamp duty relief in any of the 2 properties?
    Or only in the 2nd house as I will get it registered first ?
    Also as I have already booked property 1 , do I lose the eligibility for stamp relief even in house 2 ?

    How does the system work ?

    Cheers
     
    James Baker, 31st Oct, 2017
    #1
  2. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Which one will you be moving into first?

    That will determine elegability imo.
     
    Colin Rice, 31st Oct, 2017
    #2
  3. James Baker

    James Baker Well-Known Member

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    So the booking of the land and house will not make me ineligible for the stamp duty relief on the property I buy in an auction, as technically I will be having a property in Australia?

    Cheers
     
    James Baker, 31st Oct, 2017
    #3
  4. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Rules differ state by state so best to check with your conveyancor/settlement agent/solicitor.

    In WA you can purchase an IP and still be eligible for FHOG/stamp duty concessions as long as you never lived in the IP.

    Hope that helps.
     
    Colin Rice, 31st Oct, 2017
    #4
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You don't state:
    location
    whether you have owned property before,
    whether you have a spouse
    whether your spouse has ever owned proeprty before.
    whether you are going to live in the property

    Have a look at the relevant stamp duty act and FHOG act in the state the property is located in.

    If you have entered a contract then that probably counts so if you meet all other requirements you may not qualify for proeprty 2.

    Seek specific legal advice
     
    Terry_w, 31st Oct, 2017
    #5
  6. James Baker

    James Baker Well-Known Member

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    I have added the replies in BOLD letters

    Any advice on whether I will be entitled to the rebate in the stamp duty in the auction property I buy after entering into a contract for another property

    Cheers
     
    James Baker, 31st Oct, 2017
    #6
  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Even if you're signed a contract for the land and then build house 1, you won't own that until next year. You're going to purchase house 2 very soon and move into it. You can claim the stamp duty waiver on house 2. You'll get no benefits for house 1.
     
    Peter_Tersteeg, 31st Oct, 2017
    #7