Do first home buyers pay stamp duty in WA?
Hmmm, so what is the whole dealio with stamp duty?
When considering how much you should save for a first home, there’s a variety of things you need to consider – and one of them is stamp duty.
While it’s the often-forgotten beast that pops up on every first home buyer checklist, it’s crucial to know what stamp duty is, and how it works when building your first home.
No, stamp duty is not a legal duty to use stamps on letters (yeah, people still use letters. You know, those paper things that go in envelopes).
Stamp Duty is a tax that the WA Government charges when you purchase certain assets – and this includes property and/or land.
We hear you – saving for a home takes time and commitment, so who wants EVEN more stuff to pay for?
Well, we’ve got good news for you.To give you an almighty upper hand, the WA government nicely slides into the homebuying journey by throwing some juicy incentives into the mix. In addition to the First Home Owner Grant, you could also avoid paying stamp duty in WA.
In Western Australia, as a first homebuyer, when you purchase land for under $300,000, you don’t always need to pay stamp duty on that land! If you purchase land between $301,000 and $400,000, you could be eligible for a discount on stamp duty as a first home buyer.
#FHOCyeah hint: Couple the fact that you don’t always need to pay stamp duty as a first homeowner* with the first homeowner grant in WA, and the benefits are seriously huge.
Knowing you could be exempt from having to pay stamp duty is a huge win – especially when you’ve worked so hard to save, save, save!
Have more questions? Hit us up today.
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