08 6555 7548
The good news is, there are concessional rates that reduce or even eliminate stamp duty, particularly if you’re a first home buyer.
Plus if you choose to build, you will only pay stamp duty on the land – which can save you thousands.
Theoretically it covers the cost to the WA Government of changing the property documents. The revenue is added into the state government budgets. Many people feel stamp duty tax is outdated and creates yet another barrier to home ownership. Luckily, there are some ways to lower the amount or get it around it completely.
That would be you – the home buyer. The amount of stamp duty you’ll need to pay is calculated on the value of the property. There are plenty of calculators online, but REIWA have one here.
Stamp duty is an upfront cost that is paid on top of your deposit. You’ll need to factor in stamp duty when buying a house as it could mean saving even more money to cover off your deposit and the stamp duty.
Ultimately, the actual payment of stamp duty is actioned by the bank or lender after settlement from funds the buyer provided prior to settlement.
Sadly, no. In practice, stamp duty comes out of your cash deposit while the loan amount will increase to compensate.
Here’s a big win: In WA, you won’t need to pay stamp duty if you’re a first-time buyer and the house you want to buy is under $430,000. We have House & Land packages that can within that budget!
If you’re a first homebuyer you get a little extra help from the WA Government known as first home owner rate (FHOR). Here are the facts:
Definitely something to bear in mind when purchasing your first home. Still in the research stage?