Browse Forums Home Finance Re: Stamp Duty Question 3Nov 01, 2019 8:36 pm wongbruce ST-Hardy Hi everyone, I have a question regarding stamp duty and first home builders/buyers. We are building our first home in NSW over the next six months. Previously my hubby purchased a block of land as a co-owner, he was on the loan and the title. Nothing was ever built on this land and the land has now been sold. Our conveyancer isn't sure if this will affect our eligibility regarding stamp duty exemption. Has anyone been in this situation and still been exempt of stamp duty? Or know the answer to this? Thanks in advance The question is answered quite simply. The issue here is that your husband has previously owned property in Australia and if he has then simply you won’t be eligible for any exemption or concession from stamp duty. I’ve attached both application forms for you with the criteria that you must meet. Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Hope it helps. Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au Thanks for that, the forms were blurry so I googled them myself. From what I understand, we may still be eligible as the land may not have been residential (over 130 acres), never had a home built on it and my hubby obviously never lived on the land at any time. I could be wrong, but hopefully not BUILDING OUR FIRST HOME :x] Re: Stamp Duty Question 4Nov 01, 2019 8:37 pm ST-Hardy wongbruce ST-Hardy Hi everyone, I have a question regarding stamp duty and first home builders/buyers. We are building our first home in NSW over the next six months. Previously my hubby purchased a block of land as a co-owner, he was on the loan and the title. Nothing was ever built on this land and the land has now been sold. Our conveyancer isn't sure if this will affect our eligibility regarding stamp duty exemption. Has anyone been in this situation and still been exempt of stamp duty? Or know the answer to this? Thanks in advance The question is answered quite simply. The issue here is that your husband has previously owned property in Australia and if he has then simply you won’t be eligible for any exemption or concession from stamp duty. I’ve attached both application forms for you with the criteria that you must meet. Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Hope it helps. Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au Thanks for that, the forms were blurry so I googled them myself. From what I understand, we may still be eligible as the land may not have been residential (over 130 acres), never had a home built on it and my hubby obviously never lived on the land at any time. I could be wrong, but hopefully not If I’m doubt contact Revenue NSW. Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au Re: Stamp Duty Question 6Nov 01, 2019 9:16 pm Technically as you didn’t live there you May be ok. You’ve done the right thing contacting the OSR, let them be the arbiter. You can ring them on Monday too, they’re really great at answering these things. Ordinarily it doesn’t exclude you from the grant (not that factor alone) but the exemption is different. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Stamp Duty Question 7Nov 01, 2019 9:16 pm Technically as you didn’t live there you May be ok. You’ve done the right thing contacting the OSR, let them be the arbiter. You can ring them on Monday too, they’re really great at answering these things. Ordinarily it doesn’t exclude you from the grant (not that factor alone) but the exemption is different. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Stamp Duty Question 8Nov 01, 2019 9:28 pm becjarrettdalton Technically as you didn’t live there you May be ok. You’ve done the right thing contacting the OSR, let them be the arbiter. You can ring them on Monday too, they’re really great at answering these things. Ordinarily it doesn’t exclude you from the grant (not that factor alone) but the exemption is different. That is what i'm holding out hope for haha! Thanks for your reply, I will update this post when I find out the answer BUILDING OUR FIRST HOME :x] Re: Stamp Duty Question 9Nov 21, 2019 10:46 pm I've had this before with people buying investment properties first in Victoria. As long as it was bought after July 2000 and it was never lived in by the purchaser then they were eligible First Home Buyers when it came time to buy an owner occupied property. It's a technicality that not many people know about. I'm not sure how it is in NSW, but it would be similar. But as mentioned best to check the Revenue Office. Cheers, Tom Re: Stamp Duty Question 11Jul 07, 2020 7:25 pm Please help. Im buying untitled lot for $305,000. Title is expected on Nov. I plan to build 2-storey budget is $400,000 max after I receive the title. Im a first home buyer. Question, do i pay stamp duty for the the value of the house (land+build) or lesser based on vacant land value? State is WA. My broker says i will still need to pay stamp duty in excess of 430,000 because my land loan and construction loan will combine at the end of the build. But I read that if I buy vacant land stamp duty is exempt up to 300,000? Re: Stamp Duty Question 12Jul 07, 2020 7:39 pm ziri1002 Please help. Im buying untitled lot for $305,000. Title is expected on Nov. I plan to build 2-storey budget is $400,000 max after I receive the title. Im a first home buyer. Question, do i pay stamp duty for the the value of the house (land+build) or lesser based on vacant land value? State is WA. My broker says i will still need to pay stamp duty in excess of 430,000 because my land loan and construction loan will combine at the end of the build. But I read that if I buy vacant land stamp duty is exempt up to 300,000? Ziri - are you buying as two contracts (land on one contract + build on the other) or one contract for both? I’m not familiar with WA stamp duty, but it could be there is still stamp duty on their mortgages (which is small). Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Stamp Duty Question 13Jul 07, 2020 7:41 pm Try this calculator and give the state revenue office ring, they have the final word (that’s what I do to double check if unsure) https://apps.osr.wa.gov.au/portal/0/hom ... 1928092652 Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Stamp Duty Question 14Jul 07, 2020 9:55 pm becjarrettdalton ziri1002 Please help. Im buying untitled lot for $305,000. Title is expected on Nov. I plan to build 2-storey budget is $400,000 max after I receive the title. Im a first home buyer. Question, do i pay stamp duty for the the value of the house (land+build) or lesser based on vacant land value? State is WA. My broker says i will still need to pay stamp duty in excess of 430,000 because my land loan and construction loan will combine at the end of the build. But I read that if I buy vacant land stamp duty is exempt up to 300,000? Ziri - are you buying as two contracts (land on one contract + build on the other) or one contract for both? I’m not familiar with WA stamp duty, but it could be there is still stamp duty on their mortgages (which is small). Thank you for the reply. Yes two contract - 1 contract for land and another for the builder. Re: Stamp Duty Question 15Jul 08, 2020 12:18 am If you qualify for FHOG then yes you should get your bank to apply for the FHO rate of duty for you. Do it as soon as you can as it takes them a while. If you’ve already paid the duty you can make a claim to get your money back. If you are buying this as vacant land, the following thresholds apply: Vacant Land § To be eligible for the FHOR of duty, the unencumbered value of the vacant land must not exceed $400,000. § Where the dutiable value of the land does not exceed $300,000, no duty is payable. § Where the dutiable value of the land exceeds $300,000 but does not exceed $400,000, duty is payable at a rate of $13.01 for every $100, or part of $100, by which the dutiable value exceeds $300,000. You can really use anything you want the main consideration would be how it looks once painted/finished - or the look you want. Cabinetmakers use MDF because its cheap… 2 10454 I would say both styles you have pictured are steel. The lower chord of the first pic would be a massive lump if made using timber considering the size of the rafters. If… 1 6472 1 13408 |