Stamp Duty question

B

barneybre

Guest
My girlfriend and I are looking to buy a new apartment and have recieved conflicting stories on our stamp duty problems (we both own our own houses which we both bought new - so no Stamp duty on them and which we now have rented out to tenants.We will be buying this property togther)- A mortgage advisor friend of hers has said we dont pay any stamp duty on the new property because its a new property(Unless its over 125sqm) but I would disagree - It may be a silly question but its the difference of 20-30k.

Any input would be great!

Barney.
 
You normally do not pay stamp duty on a new property under 125 sqm. The exact wording is that the exemption is for owner occupiers so even though you are both investors by the fact that you are going to live in the new property I believe you are exempt.
 
When did you start renting out the other two properties?

If was within 5 years of purchase, you are liable for stamp duty at the rates applicable to investors at the time of purchase.
 
Thats in relation to a clawback on the stamp duty that would have applied to the purchase of the first property.

Either way it would appear you are liable in some form.
 
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