All Topics / Help Needed! / Stamp Duty Exemptions

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  • Profile photo of pawkypawky
    Member
    @pawky
    Join Date: 2009
    Post Count: 2
    March 30, 2009 - 5:17 am

    Hi everyone

    My wife and I are looking at purchasing our first home. We have received some conflicting advice and I thought the combined knowledge of those on this forum would surely be able to help

    First a little background.
    My wife has been married previously and with her ex they purchased a house, moved in, separated and sold the house within a very short time frame (I think my wife only lived in the house for a few months).

    The dilemma.
    From everything I have read (on this forum and Govt sites etc) it seems we are ineligible for the FHOG. We have been told (by a mortgage broker) that we may still be eligible for the Stamp Duty exemption (we live in NSW). However, this is not my understanding of the rules

    Can anyone please confirm for me whether we are eligible for the FHOG or the Stamp Duty exemptions in NSW? Could there be a 'owned for a minimum period' clause that I have missed in the eligibility criteria?

    Thanks in advance

    Pawky

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 30, 2009 - 11:31 am

    Pawky

    Regretfully you will not qualify for either the FHOG or the Stamp Duty Concession.

    Richard Taylor | Australia's leading private lender

    Profile photo of pawkypawky
    Member
    @pawky
    Join Date: 2009
    Post Count: 2
    March 30, 2009 - 10:56 pm

    Thanks Richard for your help. I appreciate it.
    You confirmed my understanding of the literature.
    Thanks again
    Pawky

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871
    March 31, 2009 - 9:44 am

    HI pawky,
    As already advised, you would not be eligible for the FHOG.
    If you or anyone wants to confirm this, may I suggest checking out (for NSW) the govt website.
    Link is at http://www.osr.nsw.gov.au/benefits/first_home/
    You can even download an application form – and it clearly goes through the criteria here. Any lender, banker, or broker based in NSW would be aware of this.

    All the best anyway – and maybe get in quick if you dont have much of a deposit, as some lenders are restricting loan sizes now to a min 10% deposit requirement (ie 90% 'loan to valuation ratio) . Unfortunately, others may follow suit.

    Cheers

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