Irish83 Posted February 4, 2021 Share Posted February 4, 2021 Hi all I currently live in Sydney and im looking to invest. Initially (and still not totally against the idea) i was looking at Sydney, however, i'm now looking at Perth. The reason being is that apartments are cheaper and rent is similar to what i would get in Sydney, therefore meaning i wouldn't have to add as much to the monthly repayments. in Sydney, my understanding is that i wouldn't pay stamp duty as i would be a first home buyer. (i would live in it for 6 months before i would rent it out) My question is, if i was to select Perth to buy a property, as a NSW resident, would i get any first home buyer benefits? Thanks in advance. Quote Link to comment Share on other sites More sharing options...
ali Posted February 4, 2021 Share Posted February 4, 2021 The stamp duty is WA is exempt for first time buyers if the value of the property is less than $430,000 Quote Link to comment Share on other sites More sharing options...
Irish83 Posted February 8, 2021 Author Share Posted February 8, 2021 Thanks Ali. Is that even if it is bought as an investment? The reason i ask, my understanding is that in NSW if you buy your first home as an investment instead of first home buyer, then the stamp duty has to be paid. I was think that it may be the same in WA. cheers Quote Link to comment Share on other sites More sharing options...
Skani Posted February 8, 2021 Share Posted February 8, 2021 On 04/02/2021 at 15:58, Irish83 said: My question is, if i was to select Perth to buy a property, as a NSW resident, would i get any first home buyer benefits? To be eligible for first home owner's grant you must occupy the home as your principal place of residence for a continuous period of at least 6 months. So you would have to move to W.A. https://www.wa.gov.au/organisation/department-of-finance/fhog (This principal place of residence requirement is a condition of first home owner grants in all states of Australia). There is a concessional rate of stamp duty for those eligible for the FHOG: the exact amounts shown at the bottom of this page. 1 Quote Link to comment Share on other sites More sharing options...
Irish83 Posted February 9, 2021 Author Share Posted February 9, 2021 18 hours ago, Skani said: To be eligible for first home owner's grant you must occupy the home as your principal place of residence for a continuous period of at least 6 months. So you would have to move to W.A. https://www.wa.gov.au/organisation/department-of-finance/fhog (This principal place of residence requirement is a condition of first home owner grants in all states of Australia). There is a concessional rate of stamp duty for those eligible for the FHOG: the exact amounts shown at the bottom of this page. Thanks for this. Does the first home owners grant (10k) rule apply to the paying stamp duty? Thanks Quote Link to comment Share on other sites More sharing options...
welljock Posted February 9, 2021 Share Posted February 9, 2021 No the $10k is a grant towards building the house, the stamp duty concession is in addition to this. If building you can get both, if buying an established house you can only get the stamp duty concession if you would otherwise meet the FHOG eligibility . Both require you to live in the house for 6 months as your primary residence, so not really applicable to investment properties. Quote Link to comment Share on other sites More sharing options...
Skani Posted February 9, 2021 Share Posted February 9, 2021 3 hours ago, Irish83 said: Thanks for this. Does the first home owners grant (10k) rule apply to the paying stamp duty? Thanks Firstly, I just realised I omitted the link to "this page" when I said: Quote There is a concessional rate of stamp duty for those eligible for the FHOG: the exact amounts shown at the bottom of this page. This is the link: https://www.wa.gov.au/organisation/department-of-finance/transfer-duty-assessment#rates-of-duty The stamp duty payable on a property eligible for the FHOG in W.A. is shown at the bottom of this page. It varies according to the value of the property. A guide to duty paid for "normal" (ie.non eligible FHOG) properties in W.A. is shown above that. But, as mentioned, FHO Grants in all states apply only to a property which is your principal place of residence, not for an investment property. So you would have to move to W.A. and physically live in the property for at least 6 months to be eligible for the FHOG (and assuming you meet all the other conditions of eligibility). Quote Link to comment Share on other sites More sharing options...
Irish83 Posted February 10, 2021 Author Share Posted February 10, 2021 23 hours ago, welljock said: No the $10k is a grant towards building the house, the stamp duty concession is in addition to this. If building you can get both, if buying an established house you can only get the stamp duty concession if you would otherwise meet the FHOG eligibility . Both require you to live in the house for 6 months as your primary residence, so not really applicable to investment properties. thanks for this.... Do you know what i would have to do to become a WA resident? Meaning i assume i would have to prove that i'm permanently living there. I appreciate your help btw cheers Quote Link to comment Share on other sites More sharing options...
welljock Posted February 10, 2021 Share Posted February 10, 2021 It was all done via a broker for me, so I don't know. I did get an email asking if i had met the 6 months requirement but the house wasn't finished at that point Quote Link to comment Share on other sites More sharing options...
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