There have been notable changes to the values and rates associated with first home owner rate of duty (FHOR) transactions in Western Australia. As part of the 2024-25 State Budget, the Government has introduced measures aimed at providing extra support for eligible first home buyers. These changes not only represent a significant benefit but also reflect the government's commitment to fostering home ownership and affordability across the state.
So, what exactly are these changes and how do they impact you as a first home buyer in Perth? Let's break it down:
Value and Rate Changes
Effective from transactions entered into on or after 9 May 2024, the following adjustments have been made to the FHOR thresholds:
The unencumbered value of the home and land together must not exceed $600,000, increased from $530,000.
No duty will be payable if the dutiable value does not exceed $450,000, increased from $430,000.
If the dutiable value is between $450,000 and $600,000, duty will be payable at a reduced rate of $15.01 for every $100, or part of $100, by which it exceeds $450,000, decreased from $19.19.
These reforms are expected to provide total savings of up to $15,390 per eligible first home buyer each year.
These changes mean that eligible first home buyers now have access to increased savings, making the dream of home ownership more attainable than ever before.
How Adaptive Settlements Can Help You
At Adaptive Settlements, we understand that every property transaction is unique, and we are dedicated to providing personalised support tailored to your specific needs. Whether you're a first home buyer navigating the intricacies of FHOR transactions or an experienced investor seeking efficient settlement solutions, we are here to guide you every step of the way.
With our comprehensive knowledge of the latest legislative changes and our commitment to delivering exceptional service, you can trust Adaptive Settlements to facilitate a smooth and successful settlement process for your first home purchase in Perth.
Conclusion
As the premier settlement agent in Perth, Adaptive Settlements is your trusted partner in achieving your dream of first home ownership. With recent changes to FHOR thresholds and stamp duty concessions, there's never been a better time to take the leap into the property market.
Let us handle the complexities of settlement, so you can focus on what matters most – turning the key to your new home. Contact Adaptive Settlements today and take the first step towards making your home ownership dreams a reality.
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