Building , Tips & Advice

Get the lowdown on stamp duty

October 23, 2020

Get the lowdown on stamp duty.

Building a new home can be so much fun especially through Ventura South West! Deciding where to put down roots and what your house looks like is, of course, loads of fun. Time spent on the mind-numbing stuff like financial and legal details, not so much fun (for most of us, at least). But it’s all part and parcel of building your dream home in the South West. So, here’s a quick overview of one big expense when buying a home – stamp duty.

What is stamp duty and why do I have to pay it?

Good question. Put simply, stamp duty is a state government tax sometimes referred to as transfer duty. When you’re building a home from scratch, you only pay stamp duty on the value of your land, not the building structure itself. The rate increases as the value of the land becomes greater. But there’s no need to get yourself in a twist. If you’re a first home buyer in Western Australia, you’re eligible for stamp duty concessions.

Concessions for First Home Buyers.

As a home buyer looking to build your first home, you mightn’t need to pay a single cent on stamp duty. How’s that you ask? Because you’re exempt from paying stamp duty on land valued under $300,000. If your block is deemed between $300,100 and $400,000 you then pay a concessional rate of $13.01 for every $100 over $300,000.

If you don’t fall into the first home buyer category be sure not to forget about including stamp duty in your budget. It’s an upfront cost and can add to the cost of buying a home. The upside is you can factor the cost into your home loan, so you don’t need to dig into your savings.

How do I qualify for a concession?

Just like the First Home Owner Grant, there are some boxes you need to tick. First, you need to be a first home buyer. And the land you’re buying must be under $300,000 to avoid paying stamp duty at all. Based on the current rates, the maximum a first home buyer will pay is $13,010. For first home buyers, most of the land currently available in the South West is priced under $300,000. So, you shouldn’t have to pay any stamp duty…winning!

Ready to get into your own home?

We’ll do more than just help you choose the right home. Our in-house finance guru will guide you through the finance process, including stamp duty. They’ll help you get the grants and stamp duty concessions you’re entitled to. Check out our range of home designs and house and land packages crafted with home buyers like you in mind.

Because it’s our home too.

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