First home buyers in Queensland are often confused and nervous when it comes to Stamp Duty obligations. Purchasing a property for the first time involves consideration of a large amount of factors which can sometimes be overwhelming to a first time purchaser. The Office of State Revenue allows a concession to buyers that are purchasing their first home in order to relieve some of the monetary stress from buyers. As a Conveyancing Solicitor at Greenhalgh Pickard, part of my job is to analyse each client’s circumstances to apply the correct concessions where they are available.
To be eligible for the First Home Concession, buyers need to comply with a strict list of eligibility factors as defined by the Office of State Revenue.
These factors are:
- The buyer must have never owned property or had an interest in a residential property anywhere in the world;
- The buyer must have never claimed the First Home Vacant Land Concession;
- The buyer must be purchasing a home for less than $550,000.00;
- The buyer MUST live in the home as their principal place of residence for at least a year after purchase and it is important that the property is not disposed of (for information on disposal, please see my previous article on the Home or Principal Place of Residence Concession);
- The buyer must be at least eighteen years of age.
Your solicitor or conveyancer should be able to analyse the circumstances to ensure you are eligible for the concession. It is important to note however you will be asked to sign a statutory declaration if the concession is to be claimed and should the Office of State Revenue ascertain that the buyer is not in fact eligible, the buyer will be liable to pay any unpaid stamp duty and tax interest on that amount.
If you would like any more information on First Home Concessions or the conveyancing process, feel free to contact me at Tayla@gpla.com.au.