Canberra/General buying question

Good morning people,

New to the Canberra property market and is planning to bid on a property on the coming Saturday. Though I do have a few questions that I hope you guys can shed some light on.

The property will be my PPOR, but on the contract it will have my name (never owned a property before) and my mums (as she is financing part of the property). My mum already have her name on a PPOR with my dad in Sydney. I was wondering if the property contract is signed with both my mum's and my name on it, would I still be applicable for FHOG?

Are there any implications for having my mums name on two properties (both been PPOR)?

I was told by someone over the weekend that if you buy a PPOR in Canberra, you do not have to pay stamp duty? Is this true?

Also from this forum I read that stamp duty is tax deductable. Because I plan for this property to be an investment in 3 years time when I move out of Canberra, would the stamp duty (if payable) be deductable then? If not, and stamp duty is payable now, would it make more sense to buy the property as an Investment and for go the FHOG (if I can get it with my mum's and my name on the contract).

Sorry about all the questions! Thanks in advance for any advise and insight.
 
I was wondering if the property contract is signed with both my mum's and my name on it, would I still be applicable for FHOG?
No, no FHBG for you in this arrangement.

Are there any implications for having my mums name on two properties (both been PPOR)?
Yes, plenty.
Mum may have to pay Land Tax depending on the value of this property over time. Her PPOR will be exempt in most circumstances.
CGT implications for her if/when you sell. Her PPOR will be exempt.

I was told by someone over the weekend that if you buy a PPOR in Canberra, you do not have to pay stamp duty? Is this true?
Generally FHBs get SD concessions when buying their first home. However, you will not be entitled to the FHOG therefore probably not the SD concessions either. Investors & 2nd home buyers do pay SD: http://www.stampdutycalculator.com.au/stamp-duty-act
http://www.revenue.act.gov.au/calculators/land_and_improvements_duty

Also from this forum I read that stamp duty is tax deductable. Because I plan for this property to be an investment in 3 years time when I move out of Canberra, would the stamp duty (if payable) be deductable then? If not, and stamp duty is payable now, would it make more sense to buy the property as an Investment and for go the FHOG (if I can get it with my mum's and my name on the contract).
You are not going to get the grant with your Mum on contract :(
 
:(

Might speak to my mum to have the property in just my name.

Thank you for the websites. Is it right that ACT offers no SD concessions for First Home Owners? All the calculators thats thats SD is payable for a property roughly 550k.

Currently FHBG at 7000 is the same as the tax I would get back on the SD at 30% of $25000 (as people are talking in the forums that due to the fact ACT is leasehold property SD on IPs are tax deductable).
 
Is it right that ACT offers no SD concessions for First Home Owners? All the calculators thats thats SD is payable for a property roughly 550k.

Looks like concessions are available: http://www.revenue.act.gov.au/home_buyer_assistance/home_buyer_duty_concession

Currently FHBG at 7000 is the same as the tax I would get back on the SD at 30% of $25000 (as people are talking in the forums that due to the fact ACT is leasehold property SD on IPs are tax deductable).
Yep, ACT is 99 year lease.
 
Orin, most properties in Canberra are advertised on allhomes.com.au. This website lists the normal stamp duty payable and also the concessional rate for each property.

If you bring up any house on the website the stamp duty payable is in the left hand column down the page a bit.
 
:(

Might speak to my mum to have the property in just my name.

Thank you for the websites. Is it right that ACT offers no SD concessions for First Home Owners? All the calculators thats thats SD is payable for a property roughly 550k.

Currently FHBG at 7000 is the same as the tax I would get back on the SD at 30% of $25000 (as people are talking in the forums that due to the fact ACT is leasehold property SD on IPs are tax deductable).
Hi Orin

There are SD concessions in the ACT for FHB's providing they meet certain criteria - one being an income test and the other being the value of the property. The property you're looking at is over the threshold for concessionary duty (which is around $460k at the moment).

Cheers

Jamie
 
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