Transfer Duty
As mentioned in last week’s blog if you are a First Home buyer you are also eligible for further discounts and this is regardless of if you purchase a new or existing home.
Similar to last week I will be talking about QLD purchases specifically however if you want to find out more about your state go to the relevant office of state revenue website and it will tell you what is specific to your state.
As you would know if you have ever purchased a car you need to pay Transfer Duty (formally known as stamp duty) on the amount you pay for the car and this is the same with your home however, as a First home buyer the transfer duty is waived if your purchase is $500,000.00 or less and anything over is at a discounted rate.
So how is transfer duty calculated if you are buying a vacant block and building a home on it? You will only pay Stamp duty on the Land as the home hasn’t been build yet. This means if the total house and land will cost $750k but the land alone is $500k then as a first home buyer in QLD you would get the full transfer duty concession.
Because transfer duty is a State Government fee the amount and concessions vary from state to state and the amount will be different if you are buying an investment property Vs a home to live in. To get a quote on what your transfer duty contact me at maryanne@360mortgagesolutions.com.au