Stamp Duty Victorian Question

[punkbaby]

Not sure if this is the right place but i was reading in the herald sun today that stamp duty doesnt apply for first home buyers who purchase for under 150k. Am i reading this right, its just that we had to pay stamp duty, it was on our property for the amount of 130k....we paid about 3460 just from looking at the loan disbursement authority from our finance company which is for transfer of land stamp duty

Can someone clarify if i read this right, do we get it back if i have read it right? Who do i contact?
Sorry questions questions questions, thanks :D

[andie_pandie]

Hi Punkbaby, I just want to clarify a couple of things, could you please PM the purchase price of the property and the actual loan amount that you borrowed.

And also clarify that you were a first home buyer and the date the home was purchased.

I will reply as soon as I have the above info. Thanks for your question Punkbaby.

Regards Andrea

[andie_pandie]

Thanks Punkbaby for the further info.

Victoria is a little different to Qld, however after further investigation I have come up with the following.

Being a First Home Buyer you would have been eligible for the $7000 Grant. Also you may have also received a additional First Home Bonus which applies in Victoria. This was $3000 From 1st Jan 2006-Dec 2006 for both established homes and new homes.
This changed as of 1st Jan 07 through to 30th June 2009 to be $3000 for Established Homes and $5000 for New Homes.

That still means that you had to pay the land transfer duty which was $3460, however the additional home bonus would have covered most of this. I have included the below link from the Office of State Revenue in Victoria for you to take a look at.

http://www.sro.vic.gov.au/sro/SROWebSite.nsf/transfer

I hope this clarifies everything for you Punkbaby and congratuations on your new purchase, I have seen some of your posts talking about your home.

Regards Andrea

[punkbaby]

Ahh ok i get you thanks for that they give with one and take with the other :D i must have read it wrong as it said there was no stamp duty for FHB under 150k got excited then :)

thanks for your help

[andie_pandie]

It is also different depending what state you are in, Qld, NSW, Tassie and NT are exempt up to a certain amount, however no additional amounts apply.

I personally would love to see uniformity across the states.

Also make sure you bake that baby some more.......