Hello,
I am a First Homebuyer and In March 2013 we purchased a block of land and paid the full stamp duty on settlement in September 2013. My question is we have now started building and entitled to the refund for First Home buyers stamp duty reduction with settlement for the property on 10th of January 2015.
I called the SRO and they stated the refund will be issued on the date of settlement of the construction which means we are entitled to the 50% reduction instead of the 40% reduction when we settled on the block in Sept 2013.
Please help I am a little confused.
Thanks
Stamp Duty Refund
Page 1 of 1
Where are you?
Victoria
Thanks
Thanks
The purchase price for the block was $375000
Please Help ...
This should help http://www.sro.vic.gov.au/SRO/SROCalcs. ... r?OpenForm
Can someone please enlighten me about the stamp duty rebate? We've had our land settled on the 9th of April 2014, our contract was signed on the 15th of Oct 2013, I've tried to calculate the stamp duty cost through this website http://www.sro.vic.gov.au/SRO/SROCalcs. ... r?OpenForm and the result is $4,572 but my bank took out $9,375 from my account, did I pay for the whole stamp duty amount? My conveyancer did not do the paperwork for us, our bank did all the PPR and FHOG application for us. Will I get the refund soon through my bank? I get very frustrated with ANZ as they do not give me all the information I needed. I did not get any letter for the breakdown of this amount. Has anyone had the same experience?
Hi,
We're first home buyers in Vic too. We settled our land in Feb, and had to pay the full rate of stamp duty for our land purchase too. We were refunded the surplus amount after the first draw down of our construction loan (and also coincided with the FHOG being credited too, so I'm not sure if you get the refund at first draw down or when the FHOG is issued). They didn't give us the money back into our bank account, they just put it into our mortgage and it was available as redraw.
Hope this helps.
cheers
Meagan
We're first home buyers in Vic too. We settled our land in Feb, and had to pay the full rate of stamp duty for our land purchase too. We were refunded the surplus amount after the first draw down of our construction loan (and also coincided with the FHOG being credited too, so I'm not sure if you get the refund at first draw down or when the FHOG is issued). They didn't give us the money back into our bank account, they just put it into our mortgage and it was available as redraw.
Hope this helps.
cheers
Meagan
Hi,
We're first home buyers in Vic too. We settled our land in Feb, and had to pay the full rate of stamp duty for our land purchase too. We were refunded the surplus amount after the first draw down of our construction loan (and also coincided with the FHOG being credited too, so I'm not sure if you get the refund at first draw down or when the FHOG is issued). They didn't give us the money back into our bank account, they just put it into our mortgage and it was available as redraw.
Hope this helps.
cheers
Meagan
We're first home buyers in Vic too. We settled our land in Feb, and had to pay the full rate of stamp duty for our land purchase too. We were refunded the surplus amount after the first draw down of our construction loan (and also coincided with the FHOG being credited too, so I'm not sure if you get the refund at first draw down or when the FHOG is issued). They didn't give us the money back into our bank account, they just put it into our mortgage and it was available as redraw.
Hope this helps.
cheers
Meagan
Hi Megan,
Thanks for the info. Our first progress payment is this week, so I hope our bank will do the same, I have to wait and see. I just wished our bank will give us more info as to how all the process works. I think I have more vigilant this time with our bank. It's not easy to be a first home buyer, I'm just thankful we have a blog like this that we can always rely on.
Hi Ginaguevarra1965,
Good luck with your build
cheers
Meagan
Good luck with your build
cheers
Meagan
Hi
We settled our land in November and our conveyancer did our paper work for us. We have to supply her with our occupancy certificate when the house is complete. My question is are we likely to see a cheque or will it go to the bank and the loan? We have allocated this money for fencing and other new home things but wondering if we have misunderstood were the rebate goes.
We settled our land in November and our conveyancer did our paper work for us. We have to supply her with our occupancy certificate when the house is complete. My question is are we likely to see a cheque or will it go to the bank and the loan? We have allocated this money for fencing and other new home things but wondering if we have misunderstood were the rebate goes.
Just called SRO- Victoria
You have bought a land that has settled on or after 01 Jul 2013 and paid full stamp duty. Then you have entered into contract to build house and received FHOG- you are eligible to receive 40% rebate. You have 5 years to build a dwelling after settlement of land but need to occupy the proeperty for 12 months as principal place of residence. The rebate will take upto 60 days to be processed.
If you have received upfront stamp duty discount that happens for house and land packages, then you have 12 months to complete the construction and occupy the property.
Your conveyancer who helped you with purchase of land will help you with application for stamp duty refund. Hope this clarifies all questions.
You have bought a land that has settled on or after 01 Jul 2013 and paid full stamp duty. Then you have entered into contract to build house and received FHOG- you are eligible to receive 40% rebate. You have 5 years to build a dwelling after settlement of land but need to occupy the proeperty for 12 months as principal place of residence. The rebate will take upto 60 days to be processed.
If you have received upfront stamp duty discount that happens for house and land packages, then you have 12 months to complete the construction and occupy the property.
Your conveyancer who helped you with purchase of land will help you with application for stamp duty refund. Hope this clarifies all questions.
Thanks for researching that Vikram, I spoke to our conveyancer and apparently we filled the form out when we were doing the land contracts back in August she has just asked that we send her the occupancy cert once the builders gives it to us and she will do the rest.
Thanks for researching that Vikram, I spoke to our conveyancer and apparently we filled the form out when we were doing the land contracts back in August she has just asked that we send her the occupancy cert once the builders gives it to us and she will do the rest.
Hi Sands, apparently occupancy certificate is not needed for me as in application I am declaring that I will notify SRO if the scenario changes. So I will receive the money before hand. Is yours a house and land package?
Related