Last year, as an incentive to stimulate jobs in construction. the WA State Government announced that they were introducing a 75% Stamp Duty Rebate of up to $50,000 for people who enter into a pre-construction contract to purchase a new residential unit or apartment off the plan.
This means that for a limited time, before construction begins for Fairlight, you will receive the Government 75% Stamp Duty Rebate. Early buyers who qualify for this rebate will also get the remaining 25% covered by the Fairlight developer, this means the full 100% of your stamp duty will be paid!
What is Stamp Duty?
Stamp duty is a tax charged by states and territories on the sale of assets such as vehicles and property. If you're buying a property in Western Australia, you'll likely need to factor stamp duty into the purchase price.
In Western Australia, the amount of stamp duty you need to pay depends partly on the following elements:
The value of the property you’re purchasing.
Whether you’re buying as an owner/occupier (in which case you’ll pay the residential rate)
If you’re an investor (in which case you will likely pay the more expensive general rate). Source: REIWA
You’re a first home buyer (in which case you will pay the first home buyer rate)
Read more about the rates of duty on the WA.gov.au website.
What does that look like with the rebate?
For those who qualify as general buyers under the WA State Government eligibility criteria , the new rebates provide the following savings from the State Government and when combined with the limited time Fairlight Developer incentive.
Impact of stamp duty rebates to general buyers
Impact of stamp duty discounts and assistance package to first-home buyers
For first home buyers under the State Government eligibility criteria, that provides the following savings from the State Government and when combined with the limited time Fairlight Developer incentive.
With the Fairlight developers 25% top up, those who qualify and purchase before construction commences will pay $0 stamp duty on their off-the-plans purchase.
Want to take advantage of this rebate?
Because this rebate only applies to off-the-plan purchases once we move into construction this rebate and Fairlight developer incentive will no longer be available. This means there is a narrowing window for you to take advantage of these available Stamp Duty savings.
If you would like to discuss how you can secure this offer for a brand new Fairlight apartment, contact our Fairlight property consultant today.