In the rush to get an exemption from stamp duty payments the first time home buyers market is booming. Homes with a value of under $600,000 are selling like crazy and we expect this to continue well into the future. So in the rush of first time home buyers we have put together a guide on what your entitlements are, and avoid paying thousands in excess stamp duty fees!
The following types of first time home purchases are eligible for exemption of stamp duty:
1. Any off the plan purchase.
That is an agreement for the sale or transfer of land intended to be used as the site of a new home, which is to be built before the completion of the agreement
2. Any vacant land purchase.
That is an agreement for the sale or transfer of vacant land that is intended to be used as the site of a new home and which is not an off the plan purchase
When does it apply?
It applies to eligible for sale or transfer entered into on or after the 1st July 2010 and before 1st July 2012 (other than transfers relating to agreements entered into prior to 1 July 2010)
Are there value limits?
600000 in the case of a new home purchase or an off the plan purchase or
400000 in the case of a vacant land purchase
So with this in mind – if you are ready to make your purchase just be sure to keep your finances within the stamp duty exemption threshold to avoid those fees. Now go get your first home by contacting a conveyancer in Newcastle.