msn81

Hi all,

My wife and I are looking to buy our first property in Sydney. We're looking to buy in early 2010 and want to know if Stamp Duty will still be waivered or is this concession due to end at any time?

For Information, we are both OZ PRs and we'll buy a property under $500K.

Can't seem to find if this is an on-going deal from the govt or just a temporary measure?

Cheers
Mark

spottydog

No stamp duty for first home under $500k was there before the stimulus so I can't see why it should be removed when the stimulus is removed

Swerv-o

Stamp Duty concessions are a state responsibility, not a Federal one. So, even when the federal stimulus packages eventually wind ip, the State ones don't have to.

That's not saying that they won't mind you - the NSW budget is in a shocking state, and it wouldn't surprise me if they did meddle with this to try and save some cash.


S

ABCDiamond

There is something hitting the news at the moment about people from overseas who have been property owners in their own country being eligible for various grants as they are first home buyers in Australia.

This has never really been out in the public domain, but if it does get picked up on, the government may consider it as something that can be cut back, and gain good political points for doing so...

I wouldn't rely 100% on anything at the moment.

varsanik

I just purchased my first Aus home (> $600K), just over $23k stamp duty.

ABCDiamond

The differences in each state are interesting... for a $600k purchase:
QLD $12,850
VIC $31,070
all other States are somewhere in-between those two.

msn81

Thanks ABCDiamond, but this will be our first property ever (anywhere in the world) - we haven't bought before, so even if they do cut back on the grants or concessions it shouldn't affect us?

Swerv-o, thanks for the info, I didn't realise the concession was state dependent. I've looked on the NSW OSR (Office of State Revenue ) .gov website and there is no mention of the Stamp Duty concession being withdrawn at any time. Does no news = good news or do you know of any where else I can find answers?!!

Cheers everyone else for the info also. Interesting.

ABCDiamond

As things stand then, you will be eligible.

There is nothing about it being withdrawn at any time, but with the financial state at the moment, there is the possibility that some bright spark in government, may one day say: "we can save a few dollars here by cancelling this or that".

The QLD government, for example, recently cancelled one benefit that they promised NOT to change during the election campaign, not property related though, but it was done as a money saving idea.