Stamp Duty Changes for Home Buyers

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Changes to duty following the State Budget:

With the 2012 State Budget comes new incentive for home buyers to build or buy ‘new’ homes.

From 1 July 2012 a new $5,000.00 grant will be provided to buyers of new homes. New homes include houses that are newly built and off the plan (with a value up to $650,000.00). The grant will also be paid to buyers of vacant land that is intended to be the site of a new home (valued up to $450,000.00).

From 1 October 2012, a $15,000.00 grant will be paid to all First Home Owners who purchase or build a new home valued at up to $650,000.00.

First home buyers who purchase or build new homes will also enjoy exemptions and concessions from transfer duty with duty concessions being given for new homes valued between $550,000.00 and $650,000.00 and vacant land valued between $350,000.00 and $450,000.00.

Unfortunately, the state government have pushed back the planned abolition of mortgage duty and duty payable on transfers of business assets. The Office of State Revenue website duties abolition timetable now shows that both of these duties are not planned to be abolished until 1 July 2013.

For further information, please contact us.

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