Stamp Duty for First Home Buyers

Hi all,

I was just wondering if first home buyers have to pay stamp duty? I thought we did but I was just on a realestate.com.au checking out properties and looked at their 'stamp duty calculator'. It indicated that if not a first home buyer stamp duty would be over 12k but if I was this figure went down to $0. Being new at this and since I'm looking for my first place I thought it was to good to be true and that I should ask on here. Any ideas?

 

If it's a new property under 550k in NSW you'll have no stamp duty. Otherwise stamp duty is applicable.
Edit: more detail:
First Home - New Home scheme | Office of State Revenue

 

Only on new homes or vacant land. See here:

First Home - New Home scheme | Office of State Revenue

 

Hmm that's weird, it was on a second hand property under 300k. I guess they're wrong then

 

Depends on the state that's the property is in eg. Victoria, Qld etc... Each state has different rules as it's a State based charge.

 

Like Gockie said - it's state dependent. I wouldn't rely too much on online calculators unless you're using the calculators on the state revenue office website (and they can be easy to stuff up sometimes).

Cheers

Jamie

 

I know for WA it applies for values up to 530k and requires you to live there for 6 months.
Between 430 and 530 k its a discounted rate, under 430k is 0 stamp duty.

I know your in Sydney but just in case anyone was curious

 

Each State has different rules. Some provide reduced/exemptions for stamp duty up to certain levels, others provide none. Likewise some provide grants for new construction/new purchases, whilst others provide none at all.

To get the exact information on what you're entitled to, speak with your broker who will be able to let you know. (they also help guide you through the process of applying for grants)