Stamp Duty in Victoria – First Home Buyers Take Note!

Brad Ryan – Harcourts Narre Warren South

I have been asked to add to my blog page some information in relation to what the stamp duty amount payable would be for a first home buyer that is of course going to be living in the home as their PPR ( Principal Place of Residence )

I have collected the information below from the SRO website which is listed below for you to click on to gather additional information based on your own individual situation.

http://tinyurl.com/mmjllw ( SRO Website Link )

As always please consult your conveyancer / solicitor as this information is intended as a guide only.

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For Contracts On Or After 6 May 2008

Duties Rates

Tax rate information according to the Duties Act 2000

For the purchase of your home (i.e. Principal place of residence) for contracts entered into on or after 6 May 2008.
Dutiable Value Range	Rate
$0 – $25,000	1.4 per cent of the dutiable value of the property
$25,001 – $130,000	$350 plus 2.4 per cent of the dutiable value in excess of $25,000
$130,001 – $440,000	$2,870 plus 5 per cent of the dutiable value in excess of $130,000
$440,001 – $550,000	$18,370 plus 6 per cent of the dutiable value in excess of $440,000
$550,001 – $960,000	$28,070 plus 6 per cent of the dutiable value in excess of $550,000
More than $960,000	5.5 per cent of the dutiable value

 

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Principal Place Of Residence

What is a PPR concession?

A Principal Place of Residence (PPR) concession is a concessional rate of duty that applies to transfers of property where the contract of sale is entered into on or after 1 January 2007 and the land purchased is intended to be occupied as a PPR.

The applicable concessional rate of duty depends on the dutiable value of your PPR and the date on which the contract to purchase the PPR was entered into.

For contracts entered into on or after 6 May 2008:

Dutiable value of the PPR	Reduced rate of duty	Standard rate of duty	Difference
> $130,000 to $440,000	$2,870 plus 5% of amount > $130,000	$2,870 plus 6% of amount > $130,000	Rate reduction of 1%
> $440,000 to $550,000	$18,370 plus 6% of amount > $440,000		Duty reduction of $3100

 

For a complete range of homes for sale see my website www.bradleyryan.harcourts.com.au

Home For Sale Hampton Park – 7 Neesan Court Hampton Park

Must Be Sold! Vendor Says Sell.

AUCTION

 

Must Be Sold! Vendor Says Sell.

 This home spells out opportunity for the first home buyer or astute investor.

 On offer with this young home are:

*Three bedrooms plus study

*Full Ensuite & Walk-in robe to master

*Formal Lounge

*Generous family room / Rumpus

*Outdoor entertainment zone

*Rear Access from the double garage.

* Land size: 500m2 ( approx )

* House size: 21sqs ( approx )

 

Auction:11^th July 2009 at 12.00

Inspect: Saturdays 11.30- 12.00

Terms: 10% Deposit – Balance 30 Days

 For More information please contact Brad Ryan 0412 889 895

Brad Ryan Harcourts- New listing 8 Michelle Drive Hampton Park

Brad Ryan from Harcourts Narre Warren South has just listed this great value home perfect for the first home buyer or smart investor. Offering an amazing four bedrooms plus a study / home office this home has to be on top of your list of homes to see this weekend! Located with-in easy access to schools, major highways and Hallam train station make this home suitable for everyone. For more pictures or information see my website www.bradleyryan.harcourts.com.au

Priced to sell super fast with offers over $310,000

First Home Buyers – Grants, Boosts & Bonus!

Well it is with some relief across the industry of real estate that the federal government is going to continue the “boost” for first home buyers in both the established and new homes market. The typical cycle of a slower market place over the winter months will see the government Grant, Boost & Bonus keep the market place buoyant to the more popular spring market for buying and selling.  This is now a great time for first home buyers to grab their very own piece of Australia and take advantage of these large government hand outs and capitalise on the low interest rates on offer through the majority of lending institutions in Australia.

Grant available on this home of $17,000

Below is a summary of the Federal Budget 2009

First Home Owner’s Boost, worth an extra $14,000 for buyers of a newly built home and $7,000 for buyers of existing homes, to be extended until September 30 at the full rate. From October 1, the Boost will be halved to $7,000 for new homes and $3,500 for existing homes, and will no longer be offered after December 31. Original scheme of $7000 for new home buyers to be retained.

Grant available on this home $21,000

 

 

 

 

 

 

 

For a range of established and new homes available to take full advantage of the ongoing Federal Government new home buyers grants see my website www.bradleyryan.harcourts.com.au