Hey Brokers,
I just had a thought last night I was hoping to clarify.
Sorry if this sounds stupid but the term "new home" used on the SRO website when discussing the reduction of stamp duty for first home buyers, does this include off the plan?
Reason being I had 2 scenarios. If it does include OTP then:
How is it calculated when you buy OTP before construction has even begun? I understand stamp duty is not payable until settlement but calculated at purchase which in this case is just land, let us say worth 150k. A rough use of a calculator has this at around 2k. Would you then get the concession on that amount?
Second scenario is on the contrary to that. What happens if it does not include OTP and you purchase it close to completion. It's value would be significantly more so more stamp duty payable, but no concession.
I am sure I am complicating this big time! But like to get my thoughts out there
I just had a thought last night I was hoping to clarify.
Sorry if this sounds stupid but the term "new home" used on the SRO website when discussing the reduction of stamp duty for first home buyers, does this include off the plan?
Reason being I had 2 scenarios. If it does include OTP then:
How is it calculated when you buy OTP before construction has even begun? I understand stamp duty is not payable until settlement but calculated at purchase which in this case is just land, let us say worth 150k. A rough use of a calculator has this at around 2k. Would you then get the concession on that amount?
Second scenario is on the contrary to that. What happens if it does not include OTP and you purchase it close to completion. It's value would be significantly more so more stamp duty payable, but no concession.
I am sure I am complicating this big time! But like to get my thoughts out there