First Home Owner - your $17K grant to grap before 30/1/2012

Great Warm News to share in this Cold Winter Season!  You may not have seen the recent announcements surrounding FHOG and stamp duty changes, so I get this information out to you via my social network. 

If you are interested to get the QLD Govt flyers with a bit of a overview following, please email me and I will provide to you.  Importantly in all of this are some significant changes that are time bound.  People stand to save considerable $$ in transfer duty if they sign a contract for a PPR prior to the end of the financial year. 

I am informed there are significant extra costs post June 30. The below is there are $17K for the First Home  Buyers, $10K for investors who are buying -conditions are to be  a new house or land and house package and the value of $60,000.

Summary:

The $7,000 First Home Owner Grant continues to apply to first home buyers purchasing a home with a value less than $750,000.

The $10,000 grant is available  ( for contracts entered into between 1 August 2011 and 31 January 2011) to any person or corporation buying or building a new home to live in, or to rent out for investment purposes, for homes less than $600,000

The Home Concession for transfer duty will end for contracts entered into on or after 31 July 2011. This is the transfer duty concession that people who are not first home buyers receive, when buying a home to live in as their principal place of residence.

First home concessions for vacant land and house and land will remain in existence but have been adjusted to take into account the removal of the home concession.

I have outlined below the old and new rates  for buyers who are not buying their first home or vacant land to build their first home .

Home concession transfer duty rates – CLOSING 31 July 2011

Purchase price/value	Duty rate
Up to $350,000	$1.00 for each $100 or part of $100
$350,001 to $540,000	$3,500 + $3.50 for every $100 or part of $100 over $350,000
$540,001 to $980,000	$10,150 + $4.50 for every $100 or part of $100 over $540,000
More than $980,000	$29,950 + $5.25 for every $100 or part of $100 over $980,000

Normal investment rates- Closing 31 July 2011

Purchase price/value			Duty rate
Up to $5,000			Nil
$5,000 to $75,000			$1.50 for each $100, or part of $100,over $5,000
$75,000 to $540,000			$1,050 plus $3.50 for each $100, or part of $100, over $75,000
$540,000 to $980,000			$17,325 plus $4.50 for each $100, or part of $100, over $540,000
More than $980,000 New rates 1 Aug 2011			$37,125 plus $5.25 for each $100, or part of $100, over $980,000
	Purchase price/value	Duty rate
	Up to $5,000	Nil
	$5,000 to $105,000	$1.50 for each $100, or part of $100, over $5,000
	$105,000 to $480,000	$1,500 plus $3.50 for each $100, or part of $100, over $105,000
	$480,000 to $980,000	$14,625 plus $4.50 for each $100, or part of $100, over $480,000
	More than $980,000	$37,125 plus $5.25 for each $100, or part of $100, over $980,000