Category Archives: First Home Buyers

Freebie: stamp duty

On Friday we called into our baby boomer solicitor’s office to sign a form. It’s definitely my favourite form yet.

Firstly, we didn’t have to fill it in. He had done it for us. He had gotten James’ address wrong but it was the effort that counted.

Secondly, the form was so we could get out of paying stamp duty. That’s right, no stamp duty.

Hooray!

Here’s how it works:

  • you have to be buying your first home, or vacant land on which you intend to build your first home
  • if you’re buying a home it has to be a new home. These exemptions do not apply to the purchase of an existing dwelling.
  • you will have to live in it for at least six months, commencing within 12 months of completion
  • you can’t have owned any other residential property in Australia
  • if you are purchasing a new home valued up to $550,000 you are exempt from transfer duty. There are concessions on transfer duty for homes valued between $550,000 and $650,000.
  • if you are purchasing vacant land valued up to $350,000 you are exempt from transfer duty. There are concessions for vacant land between $350,000 and $450,000.

See the full terms and conditions here.

Using the handy First Home-New Home calculator (here) I can work out that we’ve saved $9665. That’s roughly enough to pay for a driveway, letterbox and the 5 extra windows the DRP have made us put in. Or, 9665 cherry ripe chocolate bars from the $1 sales rack at Woolworths. I’m fairly sure my “accountant” would see that as a worthwhile investment.

bean counter

 

Either way, totally worth the awkwardness of sitting in the room with the baby boomer solicitor who can’t seem to help himself making what can only be described as “dad jokes”. This time he had a crack at our occupations, commenting that our neatly laminated birth certificates must be a result of us being engineers. Not sure how he came to that conclusion as mine was covered in contact by my forward-thinking mother quite some time ago.

My birth certificate is fairly amusing though. Check out my dad’s occupation:

20130818_184631

 

Too funny.

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