In an exciting move for first home buyers, the Western Australian government has recently announced significant changes to the stamp duty system, specifically targeting first time buyers. These changes to the First Home Owner Rate of Duty and the First Home Buyer Duty Concession are set to make homeownership more accessible for many Western Australians. In this blog post, we'll dive into the key updates, explain how they work, and highlight how buyers can benefit from the new policies.
Before we explore the recent changes, it's essential to understand what stamp duty is. Stamp duty is a tax imposed by the state government on the purchase of property. The amount payable depends on the property's value and the type of transaction. For first-time buyers, this can often be a significant upfront cost. However, recent adjustments to WA's stamp duty system are designed to ease this financial burden and assist more people in entering the property market.
The announced changes increase the value of the vacant land and homes that are eligible for no WA stamp duty or a reduced rate of duty.
For the purchase of vacant land:
The great news is that house and land packages fall into this category as stamp duty is only payable on the land portion.
For the purchase of a completed home:
To benefit from the expanded First Home Owner Rate of Duty and the First Home Buyer Duty Concession, buyers must meet the following criteria:
For more details and to confirm your eligibility, refer to the WA Government's official website or consult a mortgage broker.
Applying for the First Home Owner Rate of Duty and the First Home Buyer Duty Concession is a straightforward process. When you purchase a property, your conveyancer or settlement agent will usually help with the paperwork to claim the concessions. You will need to provide documentation proving you meet the eligibility criteria, such as proof of your first home buyer status and your intended occupancy of the property.
If you're a first time homebuyer, now is a great time to explore your options, and the updated stamp duty concessions make it easier to take that exciting step into homeownership!
To make the most of these concessions, start by exploring our WA land estates and locations that match your lifestyle and needs.