LUNCHTIME BITES - The First Home Buyer Grant & Stamp Duty - 20th May 2020 - Officer Fields
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20th May 2020 LUNCHTIME BITES The First Home Buyer Grant & Stamp Duty
MAIN TOPICS 1. What is the First Home Owner Grant? 2. Victorian FHOG 3. How do I know if I’m eligible? 4. How to apply? 5. What is Stamp Duty? 6. Stamp Duty Savings buying new 7. Questions
1. What is the First Home Owner Grant? • A government scheme introduced in 2000 to offset effect of GST • National scheme funded by states & administered under their own legislation • It’s a one-off grant payable to First Home Owners that satisfy all the eligibility criteria
2. FHOG Victoria
• $10,000 FHOG to buy or build your first
home
• $20,000 for new homes built in
Regional Vic
• New home must be less than 5 years old
• Can be home, townhouse, apartment or
similar, but must be valued at under
$750,000
• Must be the first sale of the property as a
residential premises
Haven’t received Haven’t previously
3. You MAY be the FHOG
previously
owned & lived in a
residential property
eligible if you or In any other State or
Territory
Either jointly or separately
your
spouse/partner: Are at least 18
years of age?
At settlement or
completion of
construction
Occupy Are a Citizen or
You MAY be Must occupy this
purchase as your Principle
Permanent
Resident
eligible if Place of Residence for at
least 12 months
You must be an Australian
citizen or Permanent
Resident
you or your
spouse/part • Visit State Revenue Office website to see if you’re
eligible
ner: www.sro.vic.gov.au/first-home-owner4. How to apply • Usually, the financial institution providing you finance will lodge on your behalf • Can find application form on State Revenue Office website www.sro.vic.gov.au/first-home-owner
5. What is Stamp Duty? • Government tax also referred to as Land Transfer Duty • How much you pay is dependent on property value as well as factors like: • If you’re a First Home Buyer • Foreign buyer or Australian Resident • Primary residence or investment • Buying new or an established residence
Stamp Duty Concessions
• First Home Buyers in Vic may be exempt on
eligible purchases.
• Exemption for homes up to $600k
• Partial exemption for homes between $600k -
$750k.
• Must be buying Principle Place of Residence
• Must live in it for 12 continuous months
www.sro.vic.gov.au/land-transfer-dutyBuying New Concessions
• You may be eligible for concessions when buying
off the plan
• Land & building packages may be eligible for off-
the-plan concessions.
• “Dutiable value” is contract price minus the
construction price incurred on or after contract
date.
https://www.sro.vic.gov.au/offtheplanOnline Tools • State Revenue Website has: • Eligibility questionnaire • Calculators • Application forms www.sro.vic.gov.au/
Questions?
What is a conveyancer?
Wednesday 27th May
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coming up?
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to discuss via Facebook or email usGet in contact! If you have any questions about this session or anything else, contact the team! Patricio Benitez Catherine Cornehls Sales Consultant Sales Consultant Phone Phone 0409 157 283 0419 695 816 Email Email patricio@yourland.com Catherine@yourland.com
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