With home prices soaring, stamp duty can become a barrier to downsizing to an apartment or townhouse. Some State and Territory governments recognise this and respond by offering schemes to lower stamp duty for downsizers.
This article offers an area-by-area overview of stamp duty savings schemes relevant to buying an apartment or townhouse.
The information is only relevant to properties purchased on the open, general real-estate market. So, it’s not relevant for those looking to move to a retirement village or land lease community (where in most instances you won’t need to pay stamp duty at all).
Most schemes are specific to a property type or a person’s situation. For example, some apply to newly constructed apartments bought off-the-plan, others to already constructed homes. Some are specific to pensioners and others only apply up to certain purchase prices.
Queensland: Concession on the first $350,000 of a home
Queensland’s government offers a ‘Home concession’ scheme to reduce the amount of transfer duty (the Queensland term for stamp duty).
The maximum saving, achievable for any home purchased for over $350,000 is $7,175.
To claim a home concession when you buy or acquire a home, you must:
move into it with your personal belongings and live there on a daily basis within 1 year of settlement (this time cannot be extended)
not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in.
Disclaimer
Please note this story has been prepared as a general guide only, and should not be relied upon as a substitute for seeking your own independent legal and financial advice.
Any references or links to third party resources or websites are provided in good faith, but we take no responsibility for their content, and you must rely upon your own enquiries and seek professional advice before acting
Vivienne Pearson
