First home owners have a few distinct benefits when they're shopping for a new home in WA. The state government in WA offers two different programs to make home ownership a reality for first home buyers -- a stamp duty concession and the FHOG in Perth. Learn about each one and just how much you can save on a new home purchase.
- About Stamp Duty In WA
Stamp duty is a common expense for larger purchases like a car or a home, and it can add thousands onto the home’s price. Before you can calculate stamp duty, you need to know a few key details: the price of the property, whether it will be used as a primary residence or as an investment property, and whether you're a first home buyer.
If you're a first home buyer, you only need to worry about paying a mortgage registration fee and a transfer fee. The mortgage registration fee is currently $160, though the transfer fee depends on total price of the home. For instance, if you're purchasing a $300,000 home and you're a first home owner, you'll just need to pay $370. However, if you're purchasing your second or third home, you'll need to add $8835 to that total. The stamp duty exemption is an incredible benefit for first home owners.
- About The FHOG In Perth
However, stamp duty exemption isn't the only benefit first home owners can receive -- they also qualify for the FHOG in Perth. This is a government grant designed to help make home ownership more accessible to first home owners. Currently the grant is $10,000 for buyers who are purchasing a brand new home, and $3000 for buyers who are purchasing an already-built home. First home buyers should make sure that they apply for the grant in full so they don't miss out on the free funds from the government.
If you're a first home buyer, let Easystart Homes help ensure that you qualify for both the stamp duty exemption and the FHOG in Perth. Our qualified staff of finance professionals will be able to ensure that you have all the necessary paperwork so you can save thousands of dollars on your new home purchase.