The recent legislative amendments in Western Australia bring good news for first-time home buyers. The Duties Amendment (First Home Owner Concessions) Bill 2024 has been enacted, becoming Act No 27 of 2024. This amendment to the Duties Act 2008 (WA) significantly increases the first home owner duty concession.
Key Highlights:
- Broader Scope: The new concessions apply to established homes, newly constructed homes, and substantially renovated homes.
- Effective Dates: Purchases made on or after 9 May 2024 by eligible first home buyers are covered. The new rates and thresholds are effective from 7 June 2024, as per the Taxation Administration (Pre-enactment Provisions Determination) Notice 2024.
How This Benefits First-Time Buyers
The increased duty concession means substantial savings, making home ownership more accessible. With these savings, you can allocate more funds towards your dream home or other essential expenses.
How We Can Help
Navigating through the process of buying your first home can be challenging. We're here to guide you through every step of the mortgage process. From understanding your eligibility for the concession to securing the best mortgage deal, we ensure a seamless experience.
Ready to take the first step towards owning your dream home? Contact us today at 02 8318 1545 or schedule an appointment through our live calendar to learn more about how these changes can benefit you and how we can assist in making your home ownership dreams a reality.
