澳洲Australia property Stamp duty for first home buyer and OTP |


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Hi everyone,

Can I just confirm something with you guys?

I know if I get my first property as a first home buyer I can entitled to $7,000 First Home Owner Grant and the exemption from duty of up to $17,990.

And if I get OTP property as my second property I am also entitled to full exemption from duty if property is under $600,000.

Is this right?

But if I get an OTP property first then would I lose all the First Home Owner Grant and duty exemption on my second property? That is, it would be wasted on the OTP property.

Thanks!  

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radicaldreamer said: ↑
I know if I get my first property as a first home buyer I can entitled to $7,000 First Home Owner Grant and the exemption from duty of up to $17,990.Click to expand...
Yes, but bear in mind the SD exemptions only go up to properties worth $500K and concessions between $500-600K on a FHB.

radicaldreamer said: ↑
And if I get OTP property as my second property I am also entitled to full exemption from duty if property is under $600,000.Click to expand...
Yes in NSW

radicaldreamer said: ↑
But if I get an OTP property first then would I lose all the First Home Owner Grant and duty exemption on my second property?Click to expand...
Not if you are buying the OTP for an IP and you never live in it as a PPOR. You have have as many IPs as you like and still get a FHBG and SD exemptions for a PPOR purchase.  

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The following types of agreement or transfer are eligible for consideration under the scheme:

*

Stamp Duty exemptions apply for the following.

a) A new home purchase. That is an agreement for the sale or transfer of land that is the site of a new home that is complete and ready for occupation. (25% discount)


b) An 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 completion of the agreement. (100% discount)


c) A 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. (100% discount as long as you lay foundations within 6 mths of contract)


You are right about the FHOG - 7k + SD concession.

If you buy an OTP for your 1st house then, I guess, you would cancel out the SD benefit since you have double concession. So it may be better served to use up on an existing property but there will be many factors you need to consider in the equation so don't neglect them in an attempt to get as much out of the govt as you can. This would be unwise. It is a factor - but don't let it influence your purchase alone.

Good luck. :)  

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Thanks guys - really cleared things up. As long as I use the OTP property for IP only then I am still entitled to FHOG + SD concession for my first PPOR property.

Yeah for sure I will consider the other factors/risks before jumping into a purchase :)  

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I hope we are not in for another OTP horror story in the future  

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