Confused about stamp duty for first time buyers

Hi there,

i am looking at a house which is $650k. I am a first time buyer in WA. What will my stamp duty be? I have seen a lot of calculators which tell me that it will be around $25k but they do not consider that I am a first time buyer. Simple question if you know how it works but I dont.

Hoping someone can tell me.

Regards,

Paul
 
So it looks as though I get no discount on the tax at all because of the amount of the cost of the house. If it was less then $400k I would pay nothing and I would pay $19 for every $100 over $400 up to $520k.

I would love to be proven wrong if anyone knows...?
 
So it looks as though I get no discount on the tax at all because of the amount of the cost of the house. If it was less then $400k I would pay nothing and I would pay $19 for every $100 over $400 up to $520k.

I would love to be proven wrong if anyone knows...?

Pretty much correct. It only saves you money if you buy something cheap. After about $500k it's pretty useless
 
In WA it ramps up from nothing at $430k, to the full normal amount at $530k.

The old range was $500k to $600k.

I think you get nothing at all above $750k (no $3k or $10k)
 
Most states have a duty concession (or did) that is aimed at first home buyers. Generally it gives a discount or exemption for duty on a purchase up to a specific level. Once you pass that threshold the concessions ends and there is NO concession.

Its not the first $500K is exempt and then you pay duty. There are heaps of first home buyers who miss the deal as there is no way they would buy a $500K property. Ditto in nSW the concession applies to new constructs only - Many want a reno delight and miss the cut. They see adding value as their opportunity. NSW scheme info is here - Its for new builds up to $550K.

Your relevant state - office of state revenue website will have a duties page and a first home buyers information section that explains whatever concessions are (or were) available.
 
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