If you are moving into a home as a first time buyer, then
you will want to consider different applications to buying a home. There are fees, expectations and additional
parts that are added into your home. One
of the expectations is to pay a stamp duty with the initial purchase of your
property. However, for the year 2010 and
2011, there are specific changes that are available for first time buyers.
The alterations in real estate, the economy and government
expectations have changed the way in which many are looking at owning
homes. First time home owners are one of
the specialized areas that are being reconsidered, specifically because it is difficult
to get a mortgage if there isn’t a track record or credit history that is
associated with the home. This has
allowed different programs to apply a specialized program for the years of
2010-2011 where first time home owners can pay a portion of stamp duties or can
have it waived with their purchase.
The different stamp duties that are expected for first time
home buyers have changed as follows:
Stamp Duty on a $700,000 House
|
Location
|
Normal Stamp Duty
|
Stamp Duty Paid by
First Time Buyers
|
|
Sydney (New South
Wales)
|
$26,990
|
$26,990
|
|
Melbourne (Victoria)
|
$37,070
|
$37,070
|
|
Perth (Western
Australia)
|
$27,265
|
$27,265
|
|
Brisbane (Queensland)
|
$17,350
|
$17,350
|
|
Adelaide (South
Australia)
|
$32,330
|
$32,330
|
|
Hobart (Tasmania)
|
$25,550
|
$25,550
|
|
|
|
Stamp Duty on a $500,000 House
|
Location
|
Normal Stamp Duty
|
Stamp Duty Paid by
First Time Buyers
|
|
Sydney (New South
Wales)
|
$17,990
|
$0
|
|
Melbourne (Victoria)
|
$21,970
|
$21,970
|
|
Perth (Western
Australia)
|
$17,765
|
$0
|
|
Brisbane (Queensland)
|
$8,750
|
$0
|
|
Adelaide (South
Australia)
|
$21,330
|
$21,330
|
|
Hobart (Tasmania)
|
$17,550
|
$17,550
|
Stamp Duty on a $400,000 House
|
Location
|
Normal Stamp Duty
|
Stamp Duty Paid by
First Time Buyers
|
|
Sydney (New South
Wales)
|
$13,490
|
$0
|
|
Melbourne (Victoria)
|
$16,370
|
$16,370
|
|
Perth (Western
Australia)
|
$13,075
|
$0
|
|
Brisbane (Queensland)
|
$5,250
|
$0
|
|
Adelaide (South
Australia)
|
$16,330
|
$16,330
|
|
Hobart (Tasmania)
|
$13,550
|
$13,550
|
Stamp Duty on a $250,000 House
|
Location
|
Normal Stamp Duty
|
Stamp Duty Paid by
First Time Buyers
|
|
Sydney (New South
Wales)
|
$7,240
|
$0
|
|
Melbourne (Victoria)
|
$8,870
|
$8,870
|
|
Perth (Western
Australia)
|
$6,935
|
$0
|
|
Brisbane (Queensland)
|
$2,500
|
$0
|
|
Adelaide (South
Australia)
|
$8,955
|
$8,955
|
|
Hobart (Tasmania)
|
$7,550
|
$7,550
|
As can be seen from these charts, there is the ability for
first time home owners to buy a home without paying stamp duties and while
getting specialized assistance for their home.
If you are interested in buying a home in Australia in
the next year, then you want to make sure you ask about specialized programs,
such as waiving the stamp duty fee.
There are several ways in which this can be done and which provides first
time home owners with the opportunity to move into a home even without the
required finances.