As announced on 10 April, the Principal Place of Residence (PPR) concession on stamp duty will be reinstated from 1 July 2012 saving home buyers up to $7,000.
The concession will again be available for owner-occupiers who purchase a property to live in as their principal of residence. The first home buyer stamp duty concession is still available for first-time buyers who purchase a home to live in priced up to about $500,000.
Occupancy requirements for both the home and first home concession are unchanged:
- The applicant must occupy the home as their principal place of residence within one year of the transfer; and
- The applicant may lose the concession if they sell or lease part, or all, of the home before moving in or within a year of moving in.
The PPR concession will apply only to contracts and transfers entered into on or after 1 July 2012. The concession will not be able to be claimed where a contract replaces another contract entered into before 1 July 2012.