Are you currently in the market to purchase property in Queensland? Do you intend to move into the property as your principal place of residence within 1 year of purchasing and intend to live in the property for at least 1 year?
If yes, then you are eligible to claim the Queensland Home Concession. This concession provides the purchaser with a discount on stamp duty payable to the office of State Revenue, but it is now only available to purchasers who have signed a Contract before 31 July 2011.
Example – if a purchaser signs a dated Contract by 31 July 2011 for $400,000.00 and claims the home concession then stamp duty will be $5,250.00. If the Contract is dated 1 August 2011 then the stamp duty will be $11,825.00. That is a saving of $6,575.00!
From 1 August 2011 the home concession will no longer be available and all buyers will be charged the full stamp duty rate whether you intend to live in the property or not.
However if it is your first home then the usual first home exemption is still available.
At Attwood Marshall Lawyers, we are always happy to go through your Contract with you and provide free pre signing advice.