Property stamp duty concessions

Alida’s friend would like to purchase her deceased mother’s house from her siblings and would like to know if any stamp duty concessions are available to her.

Q. Alida

Do you know if a beneficiary of a will, who wants to buy out the other four siblings, i.e. wants to purchase her mother’s house, by paying the other siblings their share of the agreed market value of the property would still be entitled to a First Home Owner’s Grant?

My friend wants to take the house over and she would be paying her siblings in cash. As she is a pensioner, would she also be eligible for stamp duty concessions?

A.

Stamp duty concessions and First Home Owner Grants (FHOG) vary depending on the state in which you are purchasing a property, but I can see from your address block that you are from Victoria.

The FHOG is only paid in Victoria to those buying off the plan, a new home, or entering into a contract to construct a new home. As this is an established property, there would be no FHOG available.

In terms of stamp duty concessions, this depends on the value of the property being purchased. In Victoria, full exemption is available for properties under $330,000, a sliding scale exemption is available for properties over $330,000 but less than $750,000, and no exemption is granted for properties over $750,000.

You can find out more, including which cards entitle you to a concession and an exemption calculator by visiting the State Revenue Office

Written by Debbie McTaggart



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