PPOR Duty concession

[chara]

Eligibility requirements

If you entered into a contract to purchase your home on or after 1 January 2007, you may be entitled to the 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.

Where there are two or more purchasers, at least one of them must satisfy the above requirements. However, it is not necessary for the same purchaser to occupy the home for the whole 12 months.You do not have to be a first home buyer to receive the PPR concession. To apply for the concession, please use SRO Duties Form 53 - Principal Place of Residence Concession Statutory Declaration.

Is that mean if I buy PPOR for the 2nd time I still be able to get the concession?

 

[AVD]

Hi!

Yes you can use this exemption on more than one home, but you need to move into the house as soon as practical after you purchase it for the house is deemed to be your PPR from the time you purchased it.

Also when you purchase your new home if you have not yet sold
your old house they can both be your PPR for up to 6 months. The catch is that during the last 12 months you must not have lived in your old residence for at least 3 months in a row and it must not have been used for income producing purposes during the time in that 12 months that it was not your PPR.

Hope this helps!

Alysha

 

[fernfurn]

How much is the stamp duty concession? Is that stamp duty on the whole loan, the big one, ie. about 4% on purchase price. We are in Qld and I thought the concession was only up here, is it in Vic too?