May 08, 2014
The threshold for first home buyer stamp duty concessions for established houses in Western Australia has now been lowered from $500,000 to $430,000.
In Western Australia first home buyers do not have to pay stamp duty on an established home up to $500,000. However this is now set to change, with the state government announcing this threshold will reduce to $430,000 in the state budget.
This comes after recent changes to the first home owners grant saw the reduction of the grant for established houses fall from $7,000 to $3,000 and the grant for newly constructed houses rise to $10,000.
The new changes do not affect house and land packages.
Generally speaking the new arrangement would see a house with a purchase price of $460,000 would attract stamp duty of $5,700.
This would wipe out most of the state government grant that the first home buyer is eligible for.
How this could affect you
If you would like to find out how these new changes might affect you, feel free to call Jason Coviello at Mortgage Choice in North Perth on 0402 252 150 or email your questions to firstname.lastname@example.org