Government Fee Changes for Property Purchases – Blog – Smartline

Government Fee Changes for Property Purchases

New South Wales

From 1 July 2017, the NSW Government Housing Affordability Reforms will include:

First Home Buyer Assistance Scheme (replacing First Home – New Home Scheme
Removal of Transfer Stamp Duty for First Home Buyers (FHBs) on new and existing homes up to $650,000
Concessions on vacant land remain unchanged
Transfer Stamp Duty relief for First Home Buyers (FHBs) for homes up to $800,000
Homes valued between $650,000 and $800,000, the duty concession will be determined by a sliding scale.

 

First Home Owner Grant (FHOG)
The existing $10,000 FHOG is now only available to FHBs building new home up to $750,000. For FHBs purchasing a new property this will apply for properties up to $600,000.

 

New Home Grant Scheme
The $5,000 New Home Grant Scheme is no longer be available.

 

LMI Duty
Insurance duty on Lenders’ Mortgage Insurance (LMI) has been removed for all customers.

 

Non-Resident Investors
The surcharge on Transfer Stamp Duty paid on new purchases by non-resident investors has increased from 4% to 8%.

 

Deferred Stamp Duty
The abolishment of the 12 month deferral of Transfer Stamp Duty for investors making residential off-the-plan purchases.
All customers who are purchasing an off-the-plan property they plan to live in will still be entitled to a 12 month delay in the payment of Stamp Duty, deferring payment from 3 to 15 months after settlement.

Australian Capital Territory

On 7 June 2017, the ACT Government introduced the following changes::

Transfer Stamp Duty
Transfer Stamp Duty rates have been amended for all customers

 

Home Buyer Concession Scheme (HBCS)
New concessional Transfer Stamp Duty rates for purchases of new dwellings and vacant land.
Purchases of substantially renovated properties are no longer eligible for the HBCS.
New Transfer Stamp Duty and HBCS concessional rates will apply to eligible purchase contracts entered into between 7 June 2017 and 31 December 2017.

Victoria

From 1 July 2017, the VIC Government has introduced the following changes::

FHB Transfer Stamp Duty
Transfer Stamp Duty on new and existing homes valued up to $600,000 will no longer apply for FHBs.

 

Transfer Stamp Duty Relief
FHB Stamp Duty relief will apply for homes up to $750,000
For homes valued between $600,000 and $750,000, the Duty concession will be determined by a sliding scale.

 

First Home Owner Grant (FHOG)
The existing $10,000 FHOG will remain in place.
An increase to $20,000 for new homes built in regional Victoria valued up to $750,000 and will apply until 30 June 2020.

South Australia

On 22 June 2017, the SA Government introduced the following changes::

Transfer Stamp Duty Concession
The off-the-plan Transfer Stamp Duty concession has been extended until 30 June 2018.
Transfer Stamp Duty concessions no longer applies to non-resident purchasers where the contract is dated into between 22 June 2017 and 30 September 2017.

 

FHOGS
A $10 000 grant to eligible off-the-plan apartment purchasers for contracts entered into between 22 June 2017 and 30 September 2017.

 

Non-Resident Investors
For contracts dated on or after 1 January 2018 a new 4% surcharge on Transfer Stamp Duty will apply to non-residents purchasing new properties

Queensland

From 1 July 2017, the QLD Government has reduced the FHOG from $20,000 to
$15,000

Western Australia

From 1 July 2017, the WA Government has reduced the FHOG from $15,000 to
$10,000

Tasmania

The TAS Government has extended the FHOG of $20,000 until 30 June 2018

From 1 July 2017, the LTO Registration Fees in QLD, NSW, ACT, VIC, TAS, WA and SA for Registration of Mortgage, Discharge of Mortgage and Registration of Transfer have changed. There are no changes to NT LTO Fees.

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