First Home Buyers Exemptions & Concessions (VIC)
FIRST home buyers exemptions and concessions (Vic) represent the exemptions and conditions placed on those who qualify for the First Home Owner Grant in Victoria. Eligible first home buyers in Victoria may also qualify for a further grant known as the First Home Bonus. To be eligible for the bonus the value of the property must be not more than $600,000 if entered into between July 1, 2009 and 30 June 2011. The value of the property must be not more than $500,000, if entered into before June 30, 2009. Contracts taken out either on or from July 1, 2010, will no more attract the First Home Bonus if buying an established home.
First Home Buyers Exemptions And Concessions for Pensioners
Under the First Home Buyers Exemptions And Conditions (VIC) you could find you are eligible for the First Home Bonus as well as the pensioner exemption or concession from duty. In this case you can make a choice between the two. You can not have the benefit of both. Your choice will be influenced by the price of the home you are buying. In some cases it could be to your advantage to take the bonus rather than take the special pensioner benefits. Check out the option suits you best here.
Exemptions for Families
The First Home Bonus and family exemptions and concession from duty:
- Under the stipulations of First Home Buyers Exemptions And Conditions (VIC) the bonus will no longer be paid to first home owners who signed their contracts on or from July 1, 2010, for the purposes of buying an already established home.
- You could qualify for the first home owner with family exemption or concession as well as the bonus. This could occur if you signed your housing agreement on or from January 1, 2006 and before July 1, 2011. If so, you will can choose either benefit, you can not gain from both. Your choice will be influenced by the price of your property, as the exemption or concession benefit could well be of more benefit to you than claiming the bonus.
- Check out which option suits you best.
- The First Home Bonus and principal place of residence concession:
- No bonus payment will be paid anymore to those buying an already established home if the contract was signed on or after July 1, 2010, for the purchase of an existing residence under rules revised by the First Home Buyers Exemptions And Conditions (VIC).
- However you are eligible to receive both the bonus payment and the concession (duty concession for a principal place of residence ) if you had signed your contract on or from May 6, 2008. In this case you do not have to make a choice, you will be granted both.
- You must choose which of the two benefits suits your circumstances best if you signed your housing agreement between January 1, 2007 and May 5, 2008. In this case you are not entitled to both the bonus payment and the concession. You must choose one or the other. In this case claiming the duty of $2,850 will give you less than the bonus.
The benefits arising from First Home Buyers Exemptions And Concessions (VIC) are not applicable when buying an investment property. The same rules that apply to the First Home Owners Grant apply here as well. Any recipients therefore must have either built or purchased the property with the full intention of making it their place of principal residence and to have resided in it for six months within the first 12 months of acquiring it. If you’re still not sure about your obligations, or what you’re entitled to, contact Home Loan Finder now.
Related posts:
- First Home Buyers Grant New South Wales (NSW)
- Stamp Duty Exemptions
- Important Differences Between the Grant and First Home Concessions
- Stamp Duty Exemptions and Rebates
- New Home Buyers Fact Sheet & Frequently Asked Questions (NSW)
- Stamp Duty Exemption
- First Home Buyers Grant Western Australia (WA)
- First Home Buyers Grant Tasmania (TAS)
- The NSW First Home Plus Grant Scheme
- First Home Owner Boost Overview (VIC)
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