If you've ever made a major purchase, such as buying a car, you know just how much stamp duty can add to your purchase price. For years, first home owners in WA have been exempt from stamp duty and this benefit has saved first home buyers thousands of dollars. However, if you want this benefit to be guaranteed, you may need to move quickly to take advantage of it.
Why First Home Owners In WA Should Buy Now
First home owners in WA are exempt from the first $500,000 in stamp duty. However, a tightened state government budget means that first home owners in WA could lose their benefit in the upcoming budget negotiations. This benefit means that buyers could add roughly $14,000 onto the cost of their new home, depending on the home's value.
What Other States Have Removed The Stamp Duty Exemption?
New South Wales and Victoria have already removed the exemption for first home owners. If WA follows suit, the state could see first home purchases drop immediately. A spokesman from the Real Estate Institute of Western Australia said that first home buyers dropped over night in New South Wales.
What Does This Mean For First Home Owners In WA?
Removing the stamp duty exemption for first home owners in WA means that buyers will need to save more than ever before in order to purchase a new house. Many first home owners in WA already struggle to save up for a 5-10 percent down payment (Easystart Homes are available for just $3000 down, however) and adding another $14,000 on top of these payment means that they could be stuck in a rental cycle for a long time.
If you're thinking of buying a new home, you may want to move quickly just in case the stamp duty benefit is affected by the upcoming budget negotiations.
To learn more about Easystart Homes or to see a list of available display homes, please visit the company's website, or call 08 6555 7549 to speak with a new home sales consultant. Easystart Homes has a variety of home designs located in a number of Perth suburbs, which means home shoppers can find the perfect place to call home.