Stateside can provide you with a range of property services including assistance with:
- First Home Owners Grant
- Stamp Duty
- Transfers of Land
- Body Corporate / Owners Corporation
- Off the Plan Purchases
- House and Land Packages
- Title Searches
FIRST HOME OWNERS GRANT
How much is the grant?
A payment of up to $7,000 is payable to eligible first home owners together with the First Home Bonus.
First Home Bonus
If you are eligible to receive the grant, you may also be entitled to receive an additional payment of $3,000 or $5,000 (subject to meeting certain requirements). If the contract is entered into on or after 6th May 2008:
- The bonus of $3,000 will apply for established homes.
- The bonus of $5,000 will apply for the purchase of a construction of a new home.
Are you eligible to receive the grant?
To be eligible to receive the grant, the following criteria must be satisfied:
- You and your spouse/partner must not have received a grant in any State or Territory of Australia,
- You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia,
- You and your spouse/partner must not have occupied for a continuous period of at least 6 months, a residential property on or after 1 July 2000 in any State or Territory of Australia,
- You must be a natural person (not a company) and at least 18 years of age at the time of settlement or completion of construction,
- You (or at least one applicant) must be a permanent resident, or an Australian citizen, at the time of settlement or completion of construction of the home.
What is Stamp Duty?
Stamp Duty is a term used to describe duty charged on various instruments under the "Stamps Act 1958"
Principal Place of Residence Transfer Duty Rates
|Dutiable Value Range||Rate|
|$0 - $25,000||1.4% of the dutiable value of the property|
|$25,001 - $130,000||$350 plus 2.4% of the dutiable value in excess of $25,000|
|$130,001 - $440,000||$2,870 plus 5% of the dutiable value in excess of $130,000|
|$440,001 - $550,000||$18,370 plus 6% of the dutiable value in excess of $440,000|
|$550,001 - $960,000||$28,070 plus 6% of the dutiable value in excess of $550,000|
|More than $960,000||5.5% of the dutiable value|
What is a PPR concession?
It is duty concession for a principal place of residence (PPR)
|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|
PPR Eligibility requirements
If you entered into a contract to purchase your home on or after 1 January 2007, you may be entitled to PPR concession if you:
- Use the property as your PPR within 12 months of becoming entitled to possession of the property (which usually occurs at settlement) and;
- Reside in the property for a continuous period of at least 12 months
PPR concession or the First Home Bonus?
If you entered into a contract on or after 6 May 2008, you are eligible for both the duty concession for a principal place of residence and the bonus.
For pensioners who meet the eligibility criteria, whether they are entitled to a full exemption from duty, a concession or do not qualify, depends on the value of the house and land. The relevant thresholds also differ depending on the contract date, as set out below:
|Contract Date||Full Exemption||Concession||No Exemption||Form|
|From 6 May 2008||Not more than $330,000||More than $330,000 but not more than $440,000||More than $440,000||SRO Duties Form 8D|
|From 30 May 2006 to 5 May 2008||Not more than $300,000||More than $300,000 but not more than $400,00||More than $400,000||SRO Duties Form 8C|
|From 1 May 2004 to 29 May 2006||Not more than $250,000||More than $250,000 but not more than $350,000||More than $350,000||SRO Duties Form 8B|
Stateside takes no responsibility for the accuracy of SRO rates and information. Prospective purchasers should make their own enquires at time of purchase.
BODY CORPORATE / OWNERS CORPORATION
What is an Owners Corporation?
An Owners Corporation manages any common property and services in association with that property.
From 31 December 2007, Body Corporate became known as Owners Corporation.
An Owners Corporation is required where there is common property i.e. shared ownership of walls, driveways and services.
Obligations of an Owners Corporation
The main obligations of an Owners Corporation are:
- Managing and administering the common property,
- Repairing and maintaining the common property fixtures and services,
- Taking out and maintaining required insurance,
- Raising fees from the lot owner to meet financial obligations,
- Providing Owners Corporation certificates when requested,
- Keeping an Owners Corporation register,
- Carrying out any functions and duties under the "Owners Corporation Act 2006", the Owners Corporations Regulation, rules and any other law,
- Ensuring compliance with "Owners Corporations Act 2006", and the Owners Corporations Regulations and Rules.
All Owners Corporations must take out reinstatement and replacement insurance for all buildings on the common property. This covers the cost of repairing, rebuilding or replacing the damaged property and removing debris, as well as paying for architects and tradespeople required in the process.
Two lot subdivisions are exempt from those requirements but if there are buildings on the common property, the owners should still have insurance to cover the costs of reinstating or replacing those buildings.