NSW First Home Buyer stamp duty exemptions - Existing properties

Ah. Missed the "I" Carry on.

 

Hi All,

I signed an off the plan contract last year September for a 3 BR Town House and was wondering if these concessions will apply to me or not. I haven't paid my duty as it is due this year December as for off the plan, duty has to be paid at the time of move in or 15 months of signing the contract whichever occurs first. Your thoughts and suggestions are more than welcome.

 

@Cimbom 'most professional' jobs located in the city seems like a bit of a generalisation. Are you aware of Chatswood and parramatta? You also seem to be forgetting about tradesman, sales related jobs, emergency services etc. A massive portion of the workforce in Sydney. There are plenty of other professions in Sydney that don't necessarily involve commuting to the CBD and working in a high rise.

 

So being a NSW resident, and looking to purchase my first IP. If I were to buy a home that is not new. I will be eligible for stamp duty concession, but not a FHB grant? I mean, great news on the stamp duty concession, but missing out on the grant is pretty painful

 

You'll be eligible but Peter I, II, III and IV will not.

 

where did you read that first IP's are eligible...?

Heres the full eligibility criteria for the current scheme

First Home - New Home scheme | Office of State Revenue

Am I eligible?

To be eligible for the duty concession or exemption:

• at least one buyer must be an Australian citizen or permanent resident
  
  
• the agreement must be for the purchase of the whole property
  
  
• you must be a natural person (not a company or trust)
  
  
• you must be over 18
  
  
• you or your partner have not previously owned residential property in any form in any State or Territory of Australia
  
  
• at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.
  

If your partner has previously owned a home or received a benefit from us under the First Home -New Home Scheme, you will not be entitled to receive a concession or exemption.

 

I think I see what you meant now. These schemes in the past have driven prices up by 5 times the concession (due to leveraging).

The current scheme focussing on New Homes only at least attempts to increase supply.

 

Appoligies, I should of stated I was a defence member, allowing me to qualify for a residential exemption.

However, it looks as though my information is outdated anyway.

'Where an applicant was a member of the permanent forces of the Australian Defence Force and all applicants were enrolled on the NSW electoral roll, as at the commencement date of the eligible transaction, dated on or after 21 October 2009, then all applicants are exempt from the residence requirement.'

 

Hey guys,

If i buy a unit as a first home buyer, would i still be eligible to pay no stamp duty if i rent it out as soon as possible?
I've seen no written criteria r.e the new concessions in that department.

 

Pretty sure the exemption only applies to Owner occupiers who are buying their first home.

 

Can someone tell me if this new law also includes if you"re buying the property as an investment or only as PPOR?thankyou

 

PPOR that is your first home.

 

Okay
Thanks for that.

 

I've posted a link to this information for the current form of the scheme twice.

 

All this does is push up all the apartment prices in Sydney, especially the ones close to CBD. I can see a lot of FHBers buying 1 bedders.

 

Very surprised they decided to extend this to existing properties.

Sydney boom second wind anyone?

 

May create a mini boom

 

Mini boom or pick up the slack from foreign buyers not going through with purchases, either way it will hold up prices in most suburbs. I also see banks adding another 40 basis points on top of IO variable loans in the next few months, and potentially up to another 60 basis points over the next 12 months. Just my view as the government cannot afford Sydney and Melbourne to go backwards, so anything to keep it as it is or keep it trucking till economy improves...

 

Gotta pay for the new bank levy somehow.

 

Yep, completely missed it scanning through the thread the first time.
So what if you buy, live there consecutively for 6 months and then rent it out, i'm assuming that the exemption will still apply, correct?