If you’re a first home buyer in the Northern Territory, you may qualify for stamp duty exemptions or concessions, which can significantly reduce the costs of purchasing your first home. Here’s what you need to know:
Property Value:
- Full Exemption: Available for homes with a purchase price of $500,000 or less.
- Concession: A sliding scale concession applies for homes with a purchase price between $500,001 and $650,000.
Eligibility Criteria:
- First home buyer status: Both you and your spouse/partner must be first home buyers, meaning neither of you has previously owned residential property in the Northern Territory or elsewhere in Australia.
- Age requirement: Applicants must be at least 18 years old at the time of the property purchase.
- Residency requirement: At least one buyer must occupy the property as their principal place of residence (PPR) for at least six months within 12 months of settlement.
- Australian citizenship or permanent residency: At least one buyer must be an Australian citizen or permanent resident.
Additional considerations:
- Vacant land purchases: If you’re purchasing vacant land to build your first home, you may still qualify for exemptions or concessions, as long as the land’s purchase price meets the specified thresholds.
- Off-the-plan purchases: For off-the-plan properties, the exemption or concession applies based on the final purchase price.
Please note that these benefits are available only once. If you or your partner have previously received a first home buyer duty exemption or concession, you are not eligible again.
For more detailed information and to assess your eligibility, visit the Northern Territory Government’s official page on first home buyer exemptions and concessions.
Looking to buy your first home in the Northern Territory? Get in touch with a UFinancial team member today to learn about your home loan options and receive expert support throughout the process.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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