Browse Forums General Discussion 1 Aug 05, 2013 5:16 pm hi all, We are in the process of signing a contract for a block of land (in Victoria), we will be signing the contract tomorrow and settlement is after 30 days. The block is titled and ready to build on. Now I am confused about when do we pay stamp duty and how is the stamp duty calculated and how does PPOR and FHOG come into picture . We are not sure if we are going to build straightaway. We are in the process of getting quotes from builders and if they can build within our budget we will build now or wait a year or two. How do I calculate the stamp duty payable & FHOG applicable if building now and stamp duty payable if building say after 1-2 year. Re: Stamp duty payable and FHOG applicable in Victoria 3Aug 07, 2013 1:06 pm I have just gone through the process myself recently. As staceyd said, stamp duty will be payable on the day of land settlement. Your lawyer or conveyancer can apply for the PPOR concession before settlement. Since you haven't signed a building contract yet, you can't apply for the FHOG or the stamp duty concession for first home owners until then since you are only purchasing land (not an actual home). When you eventually find a house you like and sign the building contract, then you can apply for the FHOG and the stamp duty reduction (which will be refunded to you since you have already paid the full amount at land settlement). You only pay stamp duty on the land that you are buying and not on the house you will build on it later. Does that make sense? For reference, this is the Austlii reference. My take on this is, that they would be breaking the law denying access to a homeowner in Victoria, or their agent from having… 1 10252 Hey everyone Not for me or anyone I know, just generally interested. For a single allotment house, are you allowed to take the fence on both sides of your house and… 0 21634 |