With markets booming in Australia and owning your own home, still the number one Australian dream, there is good news for first home buyers. It’s called the stamp duty first home owner discount Bill (NT) now law, as of 21st July, 2016.
The new Act provides first home buyers of established homes with a stamp duty discount called the first home owner discount.
The Stamp Duty Act (NT) is amended to introduce a stamp duty discount of up to 50%, capped at a maximum saving of $10,000, of the stamp duty otherwise payable by first home buyers of established homes.
However, for those money savvy people out there who are thinking of applying for the first home owner grant (a grant that provides first home owners with money towards the purchase of their first home) and the new Stamp duty discount, the government has already thought of that. The new Act makes a consequential amendment to the First Home Owner Grant Act (NT) to ensure that first home buyers are unable to obtain both the first home owner grant and the first home owner discount.
For first home owners who are going through the real estate process, it is important that you have a good accountant on your side to help you access these discounts. But just as importantly, a thorough lawyer who will look through your property contract with a fine tooth comb ensuring that you don’t end up with any unwelcome surprises during what should be, a very exciting time in your lives. Contact Tyler & Co today on 02 9966 1799, for an appointment to discuss what you need to look out for and how we can help you achieve purchasing your first home.