More information on stamp duty
What is stamp duty and why do we pay it?
Stamp duty is a form of tax that is paid to the government when a property is sold. It is the buyer who foots the bill for stamp duty, and thus, it is an important (and often costly) expense to take into account when buying a home. When purchasing a property, you’ll usually pay a tax called stamp duty. Stamp duty is the tax of a transaction on the transfer of a property. The amount of tax that needs to be paid varies according to the type and value of the transaction involved and the state or territory you’re buying in. Some buyers may qualify for a stamp duty concession or exemption. First home buyers, for example, can receive exemptions in some areas of Australia depending on the value of the property they’ve purchased. Pensioners and health card holders may also be eligible for a stamp duty exemption.
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What are the benefits for first home buyers?
The Western Australian government was giving a $5,000 first homeowners grant boost in 2017, however, this scheme was eradicated. Currently, a $10,000 grant may be available for you if you’re buying your first home in Western Australia. This grant will be available for properties that are valued under $750,000 which are South of the 26th parallel and properties that are north of the 26th parallel which are valued at under $1 million. Stamp duty will be waived for first-time buyers purchasing homes in WA of the value of up to $430,000. When it comes to stamp duty, concessions may be available for those buying new properties valued at up to $530,000 and vacant land of up to $400,000.