The government provides the First Home Owner Grant (FHOG) across the various states and territories of Australia. If you are a first home buyer, it is worth checking what is offered in your respective state or territory, to see if you are eligible for the FHOG. www.firsthome.gov.au
Some of Australia’s state governments have concession waivers of the stamp duty associated with a property purchase. Stamp duty is a tax applied to certain property transitions. When land is sold, transferred or leased, for example, stamp duty is generally payable.
It is usually the buyer, not the seller, who is liable to pay stamp duty. Payment must be made within three months of entering into the contract for purchasing the property. The amount of stamp duty payable depends on the value of the property and the amount for which it is sold, transferred or leased. It is calculated on its market value or the price paid by the buyer.
Get in touch with us and we will be happy to sit with you, explain in greater detail and provide an estimate of your costs to enter the property market.