Legislation helping first home buyers passes WA Parliament

• First home buyer transfer duty exemption and concession thresholds for home purchases increased
• Almost 5,000 first home buyers to benefit each year
• Revised thresholds provide savings of up to $15,390
• Part of Cook Labor Government's $1.1 billion housing and homelessness package announced in the 2024-25 State Budget

The Cook Government's support for first home buyers has been enshrined in legislation, with changes to stamp duty concessions passing WA Parliament.

The changes will see the first home buyer transfer duty concession thresholds for established homes increase from $430,000 to $450,000 for a full exemption and increase from $530,000 to $600,000 for a duty concession.

This means first home buyers purchasing a $450,000 home will pay no stamp duty, providing a total saving of $15,390. A first home buyer purchasing a $530,000 home will receive the maximum additional saving of $7,180.

Announced as part of the 2024-25 State Budget, the changes will apply to agreements entered into from 9 May 2024.

The reforms are expected to benefit almost 5,000 first home buyers each year, at a cost of around $20 million per annum or $82 million over the next four years.

The stamp duty concession for homes is complementary to the State Government's First Home Owner Grant - which provides a $10,000 payment to first home buyers who buy or are building a new residential property - as well as transfer duty exemptions for first home buyers on vacant land valued up to $300,000 and concessions for vacant land valued up to $400,000. The Government is also providing transfer duty concessions for off the plan apartments and apartments under construction.

Comments attributed to Treasurer Rita Saffioti:

"Our Government understands the challenges in the housing market right now, and is exploring every opportunity to boost supply and support those buying for the first time.

"Making these changes to stamp duty concessions provides targeted relief to first home buyers, providing savings of up to $15,390.

"The increase in thresholds for first home buyer transfer duty concessions and exemptions comes on top of a range of measures already in place, including our transfer duty concessions for off the plan apartment purchases and apartments under construction."

Comments attributed to Finance Minister Sue Ellery:

"The Cook Government is committed to making housing more affordable and increasing the duty concessions for established homes is one way we are assisting first home buyers.

"We made the announcement as part of the 2024-25 State Budget and I'm pleased its passage through Parliament will continue to support first home buyers entering the housing market."