First Home Owner - Stamp Duty Reduction (VIC). Am I Elgible?

oliman on 18/05/2017 - 11:23

Hi,

Would appreciate if someone can advise if I am eligible for first home owner stamp duty reduction based on following situation.

My first property purchase was an investment property, which was financed through investment loan, and I never lived in it even a single day.

Now I am planning to buy my first owner occupied property in VIC (been renting in past) after July this year as stamp duty will be abolished for first home buyers.

Although the www.sro.vic.gov.au does not say anything about the FHOG to be applicable for very first property purchase AND owner occupier property, but still would like to know if anyone from personal experience can confirm if I will be applicable for stamp duty reduction

Thanks.

Financial

Comments

  • mick123 on 18/05/2017 - 11:48
    -1

    If its same as NSW, then No.

  • Baysew on 18/05/2017 - 12:03
    +2

    Just ask the SRO.

    Also keep in mind -

    These initiatives have to be approved by the Victorian Parliament before they can begin. You should only rely on the exact detail of the changes once the legislation is passed. This is likely to be in June 2017.

  • [Deactivated] on 18/05/2017 - 12:16
    +3

    So you want a reduction for your second home purchase? It doesn't even sound plausible.

  • djkelly69 on 18/05/2017 - 12:50

    Seems unlikely someone will have had experience with legislation which doesn't come into effect for another month and a half…

    Also note the FHOG and stamp duty concessions/exemptions are two separate things. The FHOG is a federal scheme administered at a state/territory level, whereas stamp duty concessions are individual state-based schemes.

    You should be eligible for the FHOG, but unsure about the duty concession/exemption. Likely no if terms are similar to schemes in other states (which generally relate to whether you have owned property, not lived in it like for the FHOG).

  • zack1502 on 18/05/2017 - 12:55
    -1

    the answer is "No"!

  • tomsco on 18/05/2017 - 13:13

    It seems you may be on the criteria:

    If you are buying or building a new home, you may be eligible for the FHOG ($10,000) if you signed your contract on or after 1 July 2013. A recent announcement for regional areas may also apply.

    Your new home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premises. You’re not eligible for the FHOG if you or your spouse/partner have already:

    Received the FHOG in Australia,
    Owned a home in Australia, either jointly or separately, prior to 1 July 2000,
    Lived in a home in Australia in which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months
    These criteria apply even if your spouse/partner is not an applicant with you for the FHOG.

  • railspider on 18/05/2017 - 13:13

    How does one State Gov know if you've previously bought a house in a different State?

  • oliman on 18/05/2017 - 13:53
    +3

    Called SRO, they have confirmed that I will eligible for stamp duty reduction as I never owned a property that I lived in for 6 or more months.

    Thanks for all your help, including those who answered 'No' !

    • tomsco on 18/05/2017 - 14:52

      I'd maybe double check that. While FHOG seems possible if going for a new place, my understanding that for the stamp duty reduction, you must never have owned property in Aus, regardless of residing in it - but I could be wrong.

      Fingers crossed for you if it is correct, but don't want you to budget for not having to pay it and then get slugged with it.

    • Euphemistic on 18/05/2017 - 16:45

      That sucks. While this is ozbargain and you should take advantage if you are entitled, I don't think the intention of the discount was to allow property owners to access it, investment or not.

      • djkelly69 on 19/05/2017 - 22:56

        If it wasn't the intention, then they would have drafted it so as to exclude whatever class of people they didn't want to be able to receive it.

        • Euphemistic on 20/05/2017 - 07:09
          +1

          Yeah, coz the govt never screw up legislation and no one ever roots the system

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