Stamp Duty for First Home Buyers – The Facts
When you are a first home buyer building your first home, there are so many benefits. Not only do you get the $10,000 Government Grant, but (dependent upon how much you pay for your house and land package) you also don’t have to pay the Stamp Duty Tax.
So, what is Stamp Duty?
Stamp duty is a tax applied by state governments in Australia and is in relation to the transfer of land or property.
State charges on stamp duty may vary depending on the purpose, price and location of the property purchased. For example, the tax rate differs between buying an established property as a First Home Owner or building your first home as a first home buyer.
When choosing a house and land package through a home builder like Aussie Living Homes, be informed that some house and land packages may incur the additional stamp duty tax whereas some others don’t.
Here’s how to find out Stamp Duty rates are applicable to your house and land package:
Below are the rates of duty in Western Australia effective 1 July 2008. Looking at First Home Owner Rate – Vacant Land – if it costs under $300,000 – you don’t have to pay stamp duty.
You Can Also Use a Stamp Duty Calculator:
Here’s a fantastic tool to calculate your house and land stamp duty calculator. Use it to find out whether you do have to pay stamp duty on your chosen house and land package:
To calculate your stamp duty from an online calculator, you will need to have the following information:
- Property Value/Purchase price
- Choose your State
- Click on whether you are an investor or home owner
- Are you a first home buyer?
- What type of property you are buying
Are you interested in building a home in Perth, Western Australia without the Stamp Duty?
Take a look at Aussie Living Homes house and land packages – they can tailor the package to suit your requirements at various affordable price points.
Confused about finance? They also have an in-house finance team that can assist you with your questions about stamp duty plus more.
To view the Stamp Duty Rates, visit Department of Finance.
To make an enquiry on Stamp Duty and get the most up to date information available, visit here.
For more information on concessions and exemptions, visit Government of Western Australia.
Featured Image Credit: Flickr