29 Jul, 2019
First home concession for transfer duties
First Home Buyers Loan,Home Loans Comments Off on How Much Can I Save From The First Home Concession For Transfer Duties?

Sadly, First Home Buyers in Queensland do not qualify for the First Home Buyers Grant when buying an established home, however, you do qualify for the First Home Concession for transfer duties. The First Home Concession can save you up to $8,750 in transfer duties for a property purchased up to a value of $500,000. The concession diminishes for properties purchased for up to $549,999 and runs out for properties valued over $550,000

To be eligible for the first home concession you must;

  • Have never claimed the first home vacant land concession;
  • Have never held an interest in a residence anywhere in Australia or overseas;
  • Be at least 18 years of age (this requirement might be able to be waived);
  • Move into it with your personal belongings and live there on a daily basis within 1 year of settlement;
  • Not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in; and
  • Be paying market value if the residence is valued between $500,001 and $549,999.

In order to keep the benefit of the first home concession in full after you move in, you must not dispose of all or part of the property within 1 year. A partial concession may apply if you dispose within 1 year.

For more accurate information visit Buying Own home