Update on Government Home Buyers Benefits and Duty Concessions

First home owners grant and bonus.

Eligibility for principal place of residence duty concession.

This reform offers progresssively rising savings on the duty payable on first home purchases valued between $115,000.00 and $550,000.00.

This concession will be provided in addition to the Victorian Government funded $7,000.00 first home owners grant and the $4,000.00 or $5,000.00 first home bonus for establised or newly constructed first home purchasers respectively.

To qualify for the principal place of residence concession, you must undertake to occupy the property purchased as your prinicipal place of residence for a minimum of at least 12 months.

Pensioner and concession card holder concessions.

The threshold for a full duty rebate on a house or land purchase increases from $300,000.00 to $330,000.00 and the threshold for a partial rebate increases from $400,000.00 to $440,000.00.

Pensioner and concession card holders also benefit from the PPR stamp duty concession.

Individuals holding a pensioner concession card, a Centrelink Health Care card or a Department of Veteran Affairs gold card are all eligibile for the concession, provided that the applicant has not previously received a concession.

If purchasing in joint names both purchasers must hold the relevant card.

Early advice is good advice.

All first home buyers or people who believe they may qualify for duty concessions should enquire as to what benefits are available before they commit themselves to a purchase.

Our Conveyancing Department can help you or your clients.  Feel free to phone or make an appointment. 

August 2008

Of course, it is of a general nature only, and specific advice should be taken before any course of action is pursued.

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