Hi all, I recently moved back to Brisbane and I'm looking to buy a house as a principal place of residence.
Since the changeover of government, the new premier (Campbell) has promised to reinstate stamp duty concessions for homebuyers. This is supposed to take effect in the new financial year (July 1st, 2012).
The only information I've found is that home buyers will save up to $7000 in stamp duty.
Can anyone provide an exact formula for the QLD stamp duty concession?
Eg. I've calculated my full stamp duty amount will be about $13,000 (on a property approx $450,000). How much will I save after the concession?
Cheers.
I'm not sure, I was looking into the same thing myself today – hopefully someone will come along with an answer soon.
Sorry for the late response guys but if we go back to where we were pre Oct 11 you would be looking at around 1% S/ Duty on a PPOR loan.
I have all the figures at home and will try and post them later.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard, thanks for the info, I will use 1% as a rule of thumb for now.
I also should have mentioned that I am not a first home buyer.
If you were a First Time Buyer in Brisbane you wouldn't have paid any Stamp Duty on a $500K purchase.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I need the same advice, although I am buying an investment property. My settlement in currently 25 June, however will the stamp duty decrease for me if I settle after 1 July. any help will be appreciated. As I read it, it is for owner occupied only.
HBay wrote:I need the same advice, although I am buying an investment property. My settlement in currently 25 June, however will the stamp duty decrease for me if I settle after 1 July. any help will be appreciated. As I read it, it is for owner occupied only.
Owner occupied only. I think it's based on contract date, not settlement date.Hi Hbay
Hate to say there is no change in the investment rate of Stamp Duty and has been stated it will be determined by the Contract date rather than the Settlement.
I have a forum client where we are looking at a Call Option contract to get around the Contract date and make it July 1 rather than pre June 30 to lower the acqusition costs.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Hi HbayHate to say there is no change in the investment rate of Stamp Duty and has been stated it will be determined by the Contract date rather than the Settlement.
I have a forum client where we are looking at a Call Option contract to get around the Contract date and make it July 1 rather than pre June 30 to lower the acqusition costs.
Cheers
Yours in Finance
Put/Call option with as small a fee as possible might be an idea for July 1st, have done that previously to good effect. The Put option makes the seller feel a little better but the buyer would still have standard finance/B&P protection if it’s a standard contract being put or called.
Looks like this information is not available yet.
This week was the first time the new parliment sat in QLD so hopefully they do something about implementing this policy in the next few weeks.
I will keep my ear to the ground and post back here if I hear of anything.
I have to correct my earlier post as i see that the Stamp Duties Act was amended post March election win stating that you cant get around the lower rate using a Call Option.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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