jockney

Hi anybody know the story regarding stamp duty when you buy land and get a builder to whack a house on it.We are hoping to do this in adelaide but not sure of the extra costs as stamp duty when you buy a house is high in sa. thanks jockney

Kiwipaul

No stamp duty is payable on the house if you buy land and build on it. You only pay stamp duty on the land. Prety sure that applies to all states.

adelaidegirl

You will have to pay GST (like VAT, but 10%) on a new house, so make sure that the price your builder quotes you includes the GST component

You should also apply for the first time owners grant,worth $10,000, as this is payable to you even though you have owned a house outside Australia. Check it out on the web (you'll have to do a search) but I am pretty sure that if you have PR you can claim it. Someone else can put me right if there turns out to be a qualifying period.

regards, adelaidegirl

Ceri

You pay stamp duty on the land when you buy it, irregardless of if you're going to build on it or not... on the building of the new house there is no stamp duty. If you buy an existing house and land.. there's stamp duty on the whole amount.

Should be the same for all states, Queensland it is, you'd better check for the rest of Aus.. but I can't see why it will be any different (except the different rate/cost of duty)
Cheers

Ceri

There's no ten thou now... it went down to 7 grand for home builders.. it went down in Feb (I seem to recall) this year.So they have missed the ten thou grant. Can still get the 7 though

Cheers

PADDAD

In addition to the first time homebuyers grant you may be entitled to an additional $7000 grant for building a new home. This is worth checking out at the following web address;-
http://www.raywhite.com.au/services/grant.html

Kiwipaul

NOPE This is the same grant the Ceri is talking about. You only get $7,000 wether you buy new, build or established home. They scrapped the extra$7,000 about 12 months ago.

Sorry.

PADDAD

Hi Kiwipaul

They ought to omit this from their questionaire forms which I printed off some weeks ago - must have been a bit of a disappointment for those not in the know.

Cheers

Kiwipaul

Hi

I cannot see where it says that on the link, it just refers to the $7,000 that Ceri mentioned and it's correct as far as I can see, unless I'm being thick and missing something.

PADDAD

Hi Kiwipaul

It's a link at the bottom of that page to the State/Territory Revenue department. This is the one for Queensland

http://www.osr.qld.gov.au/gas/fhog/index.htm

Cheers

dotty

Diana I think that bit is still in there as the grant is not paid till the house is finished when building. Building may take a year or more due to the incredible amount of houses going up. It depends when you applied, however it is now only $7000,00. People who applied earlier on would be eligible for $14,000 or $10,000. Some of those still may not have recieved their payment.

PADDAD

Thanks Dotty

jockney

Hi thanks guys for the info,think we may go for it if we can find the right bit of land.Anybody doing a subdivide in the somerton park or surrounding area.I`ll be lucky!!!!!