Browse Forums Home Finance 1 Sep 01, 2014 10:39 am So I have read/heard about a 50% discount on the stamp duty for a first home buyer in Victoria starting from today until further notice. https://au.news.yahoo.com/a/24858734/vi ... -duty-cut/ It clearly states that you must use it for first home and must reside it for 12 months within settlement. http://www.sro.vic.gov.au/ca25758c001d2 ... C1008187C7 My question is, does this apply to land purchases? When I buy a block to build on, and build on it upon settlement, but wont necessarily be living on it for 12 months, unless they are referring to the house upon settlement.. But correct me if I am wrong, if I am buying land then build later, i only pay stamp duty on the land? How does this work? Re: Stamp Duty Reduction for first home buyers in Victoria 2Sep 01, 2014 1:41 pm From my understanding, when you buy the land you will have to pay the full stamp duty on the land (as land is not considered a principal place of residence). You then have 12 months (from date of land settlement) to build and move into the newly built home. If you do that (and meet the other qualifying criteria) then you can claim a refund for the discount from the State Revenue Office. Call the State Revenue Office of Vic to confirm. Cheers Tom Re: Stamp Duty Reduction for first home buyers in Victoria 3Sep 02, 2014 3:37 pm 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. Taylors Hill, The place to be! Re: Stamp Duty Reduction for first home buyers in Victoria 5Oct 16, 2014 9:08 pm vikramgiridhar 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. This is not the advice I received from the SRO operator today - I will refer back to your post and call back tomorrow, will try my luck with a more knowledgable call centre person! Does it have to be a conveyancer to apply for it? Coz mine was so not worth anything so I'm filling in the form myself --- Upgrading your windows to soundproof ones, like triple-glazed, can make a significant difference. While changing window… 4 11658 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 9094 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 20889 |