Stamp Duty Exemption (VIC)

OSA on 11/02/2020 - 14:02

Hi Guys, hope you are well.

I have question regarding the stamp duty exemption. I have purchased and sold properties previously in Victoria but since i got married recently and Mrs have not bought any property under her name, I am just wondering if we are eligible to get exemption for stamp duty(owner-occupied).

I spoke to one financial planner and he suggested that getting a good conveyancer will help to get exemption (i am not sure how good of that advice is). He didn't suggested any conveyancer himself but i was wondering if it is possible that we can get exemption.

I don't want to be breaching the law but at the same time i don't want to be paying stamp duty if i don't have to. If you have any recommendation for a good converyancer, it will be great to have info on that as well.
I look forward to hear back from you.

Home & Garden

Comments

Shadowsfury on 11/02/2020 - 14:13

I assume it might involve the property solely being in their name as if you don't exist. Not sure if even that is sufficient to claim it.

Kinda curious though as I may be in the same situation eventually.
GG57 on 11/02/2020 - 14:19

+1

Googled it:
"All purchasers and their partners must satisfy the eligibility criteria…" etc. etc.
RM on 11/02/2020 - 14:24

+2

The form states something like " me and/or my partner/spouse have not held a property in our name previously". It is kind of a declaration on the form (of the application) - it might constitute as a fraud if caught.

Also, there is no such thing as a good convenyancer will get it done for you. All conveyancers/solicitors will do is hand over the form and you chose options and sign, they then submit on your behalf.

If it works - works for you, if it doesn't - you're responsible.
Kenb0 on 11/02/2020 - 14:55

+1

When you say you've purchased properties before, were they all investment properties? If you've never lived in any of them, then yes, you might still be eligible for the exemption/first home owner whatever.
- JimmyF on 11/02/2020 - 15:33
  
  Yeah nah, it does say, other residential property, aka investment
  
  Owned a home or other residential property in Australia, either jointly or separately, prior to 1 July 2000.
  - Kenb0 on 11/02/2020 - 19:45
    
    I said "might", because in most cases where someone is looking for a first home bonus/exemption, they're not likely to have bought a property 20 years ago, for investment or otherwise
Typical16-bitEnjoyer on 11/02/2020 - 15:04

+2

Pro gamer move. Spend $950 to get divorced. Get your now ex-wife to buy the property. Spend the $40 to get married again. Win.
JimmyF on 11/02/2020 - 15:32

Its all laid out here

https://www.sro.vic.gov.au/fhbduty

Which points you to here

https://www.sro.vic.gov.au/first-home-owner#fhog

which says

These criteria apply even if your spouse/partner is not an applicant with you for the FHOG.

So no you can't get it, as you have owned a place before, doesn't matter if you haven't lived in it, as it says

Owned a home or other residential property in Australia, either jointly or separately, prior to 1 July 2000.

So as above, you need to get a divorce so wifey can buy it in her name, but then she needs to solely meet all the loan requirements herself as a 'single' applicant as your wage no longer counts etc.
- Htu08 on 11/02/2020 - 17:06
  
  You do not need to jointly own a home with your partner. You can act as a guarantor to any loan without owning the actual underlying asset.
  
  This is common amongst high wealth/publicity couples.
  
  I hate to use this example, but https://www.domain.com.au/news/former-masterchef-host-george….
  - JimmyF on 11/02/2020 - 17:22
    
    You do not need to jointly own a home with your partner. You can act as a guarantor to any loan without owning the actual underlying asset.
    
    Nope, as above, she still would need to solely meet all the loan requirements herself as a 'single' applicant as the OPs wage or Guarantor wage is not counted as part of the loan application etc.
    
    'Guarantor' just means they have to pay the loan if the now ex-wife doesn't make payments. If the ex wife needs a loan of $400k, but only has a part time job bringing in $30k a year, she isn't going to get a loan with that kind of income, guarantor or not. Have a read over https://www.mortgagechoice.com.au/home-loans/home-buying-adv…
    
    But in your example, Natalie would have been paid an income via a family trust, enough income to meet the load requirements to purchase the house, assuming they took out a loan at all.
    - Htu08 on 11/02/2020 - 18:44
      
      Where is the exwife move coming from?
      - Htu08 on 11/02/2020 - 18:51
        
        @Htu08: @ Jimmy oops my apologies! You are highlighting a strategy to avoid the tax!
        
        I see now…
        
        My apologies, we were talking about two different things.
        
        I was just stating that they can definitely assess a loan application based on more than just the owners income.
        
        Should have read the entirety of the context!
- Kenb0 on 11/02/2020 - 19:49
  
  prior to 1 July 2000
  
  You know that OP owned a property before July 2000? Or have you misinterpreted "prior to" as "any time since"?
  
  This is another excerpt, just a couple of paragraphs away from what you quoted:
  
  You may still be eligible for the FHOG if you or your spouse/partner purchased property on or after 1 July 2000 and have not lived there as your home. For example, Tom bought his first property in July 2004. It was a house and Tom has always rented it out. As he has never lived there himself, this house is not considered to be his first residential home and he may be eligible for the FHOG.
  
  With regards to your other comment,
  
  So no you can't get it, as you have owned a place before, doesn't matter if you haven't lived in it
  
  Yes it does matter if you haven't lived in it, if you bought it after July 2000
Htu08 on 11/02/2020 - 16:39

https://www.sro.vic.gov.au/spouse-and-partner-exemption

This will outlay requirements.
- Typical16-bitEnjoyer on 11/02/2020 - 18:14
  
  Uh, no it doesn't.
  - Htu08 on 11/02/2020 - 18:44
    
    I misunderstood the question to be honest! I thought he was trying to move the home to her name.
    
    They are now purchasing a new property! :/

Stamp Duty Exemption (VIC)

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