If you’re looking to buy your first home in Western Australia, there’s some great news! Starting from May 9th, 2024, the WA Government has rolled out changes to make buying your first home a bit easier on your wallet.
What’s New?
- No Stamp Duty for Homes up to $450,000:
- If the home you’re buying is valued at $450,000 or less, you won’t need to pay any stamp duty. This is a big win because stamp duty is one of the more significant upfront costs when buying a property.
- Discounts for Homes Between $450,000 and $600,000:
- Even if the home you’re eyeing is worth more than $450,000 but less than $600,000, you’ll still get a discount on the stamp duty. The exact amount of the discount will vary depending on the home’s value, but it’s designed to save you thousands.
- Bigger Savings:
- These changes could save you up to $15,390, which could be a huge help, especially when you’re trying to cover all the other costs of buying your first home.
Why This Matters
These new rules are expected to help about 5,000 first home buyers each year. So, whether you’re looking to buy an apartment in the city or a house in the suburbs, these changes mean more money in your pocket and less stress about those initial costs.
If you’re thinking about buying your first home, now’s a great time to explore your options and see how these new benefits could help you.
For any questions or if you need more information on how these changes might affect your home-buying journey, reach out to us at Hanson Property Settlements. We’re here to help make your dream of owning a home a reality!