WA $3000 FHOG for established homes axed

Close but not quite.

Established homes for first home buyers have no stamp duty for under $430k. There's a reduced rate graduating up to $530k where it reverts to full rate over that.

For vacant land for first home buyers its nil for under $300k. Theres a reduced rate graduating up to $400k where it reverts to full rate over that.

Source https://www.finance.wa.gov.au/cms/State_Revenue/Duties/Rates/Rates_of_Duty.aspx

 

Is this also true in WA?

 

Yanchep at least has the beach going for it. Byford is a suicide estate, IMHO.

The $430k limit is also a barrier to buy houses - have to settle for apartments.

 

I don't know?? never sold OTP in WA
I would assume it would apply Australia wide. Perhaps Paul can shed some light on this.
My lawyer in Melb assists with this calculation.

 

Good news.

If not more given the typical leverage used by First Home Buyers. An additional $3k deposit at 90% lend is more like an additional $30k borrowing power (presuming the serviceability is there).

 

Hey D.T.,

Would you know whether first home buyers in WA are still exempt from paying a stamp duty for new homes? What about established homes?

Cheers!

 

Cry me a river.

 

only up to a specific price i believe 530k I believe. I havent checked the numbers in a while, but its barely enough to find a really old house maybe 10-15km out?

 

Thanks mate. I find the information online a bit confusing. It says in order to be eligible (in WA) for a stamp duty concession you need to be eligible for FHOG. And FHOG's are only for new homes. So it would mean stamp duty concessions are also for new homes?

https://www.google.com.au/url?sa=t&...YFxKoy3_vnMYALCLA&sig2=yGr3k4KT0N4u53ZlbV4RIQ

 

Stamp duty concession applies to established homes as well, except that the thresh hold is lower i believe.