Stamp duty is a tax that everyone buying assets, like real estate, is needed to pay. When you’re planning on a new build, each state of territory sets their own level of stamp duty which often makes it difficult to understand exactly what costs you’ll incur. What makes it even more complicated is the varied concessions relevant for each state. However, if you’re a First Home Buyer it’s important to understand these concessions as they could save you thousands on your new frame.
Our mission at iBuildNew is to help create transparency in the building industry, by giving independent advice to individuals making a new home. That’s why we’ve broken down the stamp duty scheme, making it easy to see if you’re eligible for any concessions. These typically focus on First Home Buyers, but there are concessions for pensioners and other schemes set up by each state to assist you in getting into your own home sooner.
Stamp duty concessions for your new Land
1. Victoria: If you’re considering a new construction project in Victoria, now is the best time to get started. The concept works by totally eliminating stamp duty concessions for properties under $600,000 and implementing a gradual reduction for properties priced between $600,000- $750,000.
Victorian First Home Buyers will be eligible for a $20,000 grant under the First Home Owners Grant if they buy or build a new home in Regional Victoria from July 2020. The $10,000 hike is intended to entice young purchasers to move to regional areas.
2. New South Wales: If you want to start a new construction project in New South Wales, the state government is making it easier for you. This Stamp Duty scheme, which works in a similar way as the Victorian State Government, is likewise aimed at first-time home buyers. For First Home Buyers acquiring land under $350,000 or houses under $550,000, there will be no stamp duty, and for land between $350,000 and $450,000 or residences between $550,000 and $650,000, a tiered concessions system will apply.
3. Western Australia: With the announcement that Western Australia’s First Property Owners Grant will be increased for a 12-month period starting January 1, 2020, owning a home has never seemed more feasible. For properties under $750,000, the subsidy will increase from $10,000 to $15,000. Those who qualify for the First Home Owners Grant can also get a Stamp Duty discount on homes under $430,000 and land under $300,000, as well as a progressive discount on homes between $430,000 and $530,000 and land between $300,000 and $400,000.
4. Queensland: If you want to get into the property market in Queensland, building a new home is the greatest option. Queenslanders already have access to a $15,000 First House Owner Grant as well as a Stamp Duty Concession if they are building their first home or acquiring a new property for less than $750,000. You can use this calculator to figure out how much money you can save on Stamp Duty.
Wherever you are building it is always best to have all the information before you make a decision. At Paramountbaldivis we can connect you with builders who will be able to meet your specific requirements. Compare house designs and land on our site, or call one of our expert phone consultants on (08) 65552060.
Want to know more information:
Website: https://paramountbaldivis.com.au
Location: Baldivis Rd, Baldivis WA 6171
Email id: [email protected]
Paramount Private Estate has been developed in accordance with what’s most important for the design of the Estate, as well as to you, the home buyer.
Our Building Covenants and Design Guidelines ensure that all homes complement each other and are in keeping with the overall aesthetic of the Estate.https://paramountbaldivis.tumblr.com/post/663202993427136513/7-things-to-know-before-buying-a-vacant-lot
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