Generally, first home buyers are eligible for a full stamp duty exemption on the purchase of their first owner occupied property.
If a first home buyer is purchasing a property with someone who already owns residential property, you may still be eligible for a stamp duty reduction.
If you purchase the property together as ‘tenants in common’, your share does not have to be equal to that of the other person, for example, 70/30. In this case the first home buyer will receive a full stamp duty exemption on their share of the property.
If you purchase the house together as a ‘joint tenancy’, your share in the property must be 50/50. In this case you will not be eligible for the stamp duty reduction.
If you have any questions, you can also consult with your solicitor.
