What Is Transfer Stamp Duty In Western Australia?

Transfer duty or sometimes called transfer stamp duty is a tax or duty imposed by the Western Australian state government when you purchase a property or vacant land in Western Australia. The more expensive the property the transfer duty will also be more expensive.

When you purchase a property, and the property settles (that is, the property becomes yours), you would need to pay the transfer stamp duty on settlement. The transfer duty will need to form a part of your deposit if you are buying a property.

First home owners do have some discounts with transfer stamp duty. There is no transfer stamp duty payable on a property costing up to $430,000, and then the transfer stamp duty is discounted on a property costing up to $530,000 as a first home buyer.

There are also some exceptions with transfer duty if you are transferring a property into your name. There may be, depending on the type of transaction the transfer is, discounted transfer duty, or potentially no duty at all payable. It would important to check your circumstances with a settlement agent or solicitor to check to see if or what transfer duty may need to be paid if you are unsure.

Generally speaking, though, if you are buying a property, transfer duty would need to be paid, with some possible exceptions, for example, if you are a first home buyer.

If you have any questions at all, please contact Perth Mortgage Broker Group, or call Troy on 0411 229 602, 7 days a week