Stamp Duty Concessions
Escape those sneaky extra fees
The perks of being a First Home Buyer
Stamp duty (or transfer duty if you’re up-to-date with the name change) is like the creepy guy in a club that swoops in when you least expect it… You’re chilling with your mates, celebrating the fact that you actually managed to save for a deposit, and then suddenly all these annoying fees show up. But don’t worry, being a First Home Buyer is like being part of the royal family, people make things happen for you!
So…Stamp Duty Concessions – how does it work?
You may be wondering what stamp duty (or transfer duty) actually is. Feel free to keep one eye on your latest Netflix binge, it’s not that hard to understand. Basically, it’s the amount of tax you pay when you buy a property.
When you’re building a house, you’ll only have to pay stamp duty for the land – so that’s one bonus – and if you’re paying less than $300K for your land, and the total house and land is less than $750K, then you won’t have to pay it all! Even if you’ve splurged a bit and your land is between $300K – $400K you’ll still get a lower rate. So, unless you’re building the next mansion in Peppermint Grove, you’ll be sweet.
This will be the smartest saving you’ve gotten away with since you stayed on your ex-housemate’s Netflix for a year after you moved out!
Let’s find out if you’re the right fit
So, you’re thinking you’ll have to toast with Passion Pop when you move in *ouch*. Dw, if you meet the right criteria you’ll be able to avoid those sneaky extra costs and celebrate like Ariarne Titmus’ coach at the Olympics. To get this deal you have to:
- Be a First Home Buyer (FHB)
- Be 18 or over – Like you would buy a house at 17, who are you, Billie Eilish?
- At least one person needs to be a permanent resident
- Use the house as your main home for at least 6 months – ya know, before you move to that tiny house down south
- Own the land and the home yourself
- Not have gotten the FHB grant before
- Complete a First Home Owner Grant application – it’s just a little bit of paperwork, we promise!
So, if you meet all these points, then you’ll probably qualify for lowered stamp duty rates! Finally, you can justify buying those 17 new couch cushions from Adairs, ooo and maybe a couple of cozy throws…
Do I qualify for these discounts?
Just fill in your info and we’ll check whether you can avoid those cheeky stamp duty fees!
FAQ’s
Here’s a few As to some Qs you may have.
What are stamp duty concessions?
When you’re buying or building a house, you would usually need to pay a cheeky stamp duty (transfer duty) fee on the cost of the purchase. Stamp duty concessions help first home buyers wave this cost, saving you a helluva lotta moola so you can treat yoself to something else.
How can I avoid paying stamp duty on my house?
If you’re building a smart home, you’ll only have to pay stamp duty for the land (win). Plus, if you’re a first home buyer and are also paying less than $300K for your land, and the total house and land is less than $750K, then you won’t have to pay it all (double win!). Chat to our team of finance smarties to see if you qualify for a concession.
Who is exempt from stamp duty?
Hopefully you, boo! To be exempt from these extra sneaky fees you will need to meet the following criteria:
- Be a First Home Buyer (FHB)
- Be 18 or over
- At least one person needs to be a permanent resident
- Use the house as your main home for at least 6 months
- Own the land and the home yourself
- Not have gotten the FHB grant before
- Complete a First Home Owner Grant application
Still not sure? Our team of smarties are here to help you out. Let’s chit-chat!
When is stamp duty payable?
In WA, you’ll need to cough up your stamp duty fees within 30 days of signing off on your stamp duty docs (which need to be submitted with two months purchasing the land). Say bye bye cash moneyz.