Stamp Duty Calculator Western Australia
If you’re an expat looking to purchase property or land in WA, you have all the more reason to understand the stamp duty WA requirements. The stamp duty rates can vary based on factors such as property value and eligibility for concessions or exemptions in WA. You may even be subject to additional stamp duty surcharges as an expat.
Our stamp duty calculator for Western Australia can help you estimate the amount of stamp duty fees payable as an Aussie expat living overseas.
Stamp duty costs can come as a surprise for many Aussie expats looking to purchase property in WA. It’s important to factor in these costs when planning the budget for your property purchase in WA.
We recommend you seek professional advice from expert expat mortgage advisors or brokers to ensure you comply with all regulations.
How Much Is Stamp Duty WA?
Stamp duty is a tax imposed on the purchase of property or land in Australia. This also applies to buying property in Western Australia.
As expats planning to buy property in Western Australia, it’s essential to know that extra stamp duty surcharges may be involved. This tax is based on the property’s value and varies depending on whether you qualify for any discounts or exemptions.
Understanding stamp duty requirements is critical to a successful property buying experience. So, take the time to research and be well informed to make the right decisions for your investment.
What are the Western Australia stamp duty rates for Aussie expats?
In Western Australia, the stamp duty rates for residential property transactions are the same for Australian expats as they are for Australian residents. The rates are based on the value of the property being purchased. The current rates for residential property transactions are as follows:
- For properties valued up to $120,000, the stamp duty rate is $1.9 for every $100 or part of $100 of the dutiable value.
- For properties valued between $120,001 and $150,000, the stamp duty rate is $2,280 plus $2.85 for every $100 or part of $100 above $120,000 of the dutiable value.
- For properties valued between $150,001 and $360,000, the stamp duty rate is $3,135 plus $4.75 for every $100 or part of $100 above $150,000 of the dutiable value.
- For properties valued between $360,001 and $725,000, the stamp duty rate is $17,942.50 plus $6.50 for every $100 or part of $100 above $360,000 of the dutiable value.
- For properties valued between $725,001 and $1,000,000, the stamp duty rate is $44,077.50 plus $7.50 for every $100 or part of $100 above $725,000 of the dutiable value.
- For properties valued over $1,000,001, the stamp duty rate is $75,077.50 plus $8.50 for every $100 or part of $100 above $1,000,000 of the dutiable value.
However, there may be additional fees or surcharges for foreign buyers or non-residents, depending on the value and type of property being purchased. For instance, non-resident buyers may be subject to a 7% surcharge on top of the standard stamp duty rates for residential properties.
Stamp duty exemptions in WA in 2023
As an Australian expat looking to purchase property in Western Australia, it’s important to know about stamp duty concessions and exemptions in WA that may be available to you. The state government offers various exemptions and concessions, such as the First Home Owner Grant, which can provide significant savings on stamp duty costs. Additionally, if you’re a first-time buyer, you may qualify for a reduced rate of stamp duty or even a complete exemption.
However, it’s essential to note that expats may be subject to additional stamp duty surcharges. If a lender considers you a foreign purchaser, you may need to pay an extra 7% of the property’s value in foreign stamp duty in WA. To ensure compliance with all regulations, seeking professional advice and understanding the stamp duty requirements is crucial.
Stamp duty in WA for first home buyers
As an Australian expat planning to buy your first home in Western Australia, you may be eligible for the First Home Owner Grant (FHOG). The grant provides a one-time payment of up to $10,000 towards your first home’s purchase price. To qualify for the FHOG, you must meet certain criteria, such as being an Australian citizen or permanent resident and buying or building a new home.
To utilise this generous grant, be sure to research and understand the FHOG requirements and application process.
Stamp duty for foreign buyers in WA
As an Australian expat buying property in Western Australia, you may still be subject to foreign stamp duty surcharges. In addition to the regular stamp duty, foreign purchasers must pay an extra 7% of foreign stamp duty on top of the property’s value. This is because some lenders may consider you a foreigner if you do not meet specific criteria.
However, there are some exemptions available. It’s essential to note that stamp duty exemptions and concessions are subject to change, so it’s crucial to stay informed and seek professional advice.
To ensure compliance with all stamp duty requirements and avoid legal or financial complications, contact our Odin Mortgage team. Understanding the foreign stamp duty requirements can help you make informed investment decisions and achieve your property ownership goals in Western Australia.
Foreign Investment Review Board
Australian expats looking to purchase property in WA may need to seek approval from the Foreign Investment Review Board (FIRB). FIRB approval is necessary if the property is considered to be residential or if the purchase price exceeds certain thresholds.
The FIRB approval process involves submitting an application and paying a fee. It’s essential to note that the application process can take several weeks or even months, so it’s wise to plan ahead.
Ensure that you understand all regulations related to FIRB approval and seek professional advice to ensure compliance. A qualified expert can guide you through the process and help you make informed investment decisions in WA.
How to calculate stamp duty in WA using our calculator
Stamp duty is a tax payable by property buyers in Western Australia. It’s calculated based on the value of the property and can vary depending on your eligibility for exemptions or concessions.
To calculate stamp duty in WA, you can use our online calculator. The calculator takes into account the value of the property, the type of property, and the intended use of the property.
It’s important to note that stamp duty rates and thresholds are subject to change, so staying up-to-date with the latest regulations is wise. Additionally, as we’ve already mentioned, you may be subject to additional stamp duty surcharges if you’re a foreign purchaser.
Get in touch with Odin Mortgage today!
At Odin Mortgage, our commitment is to ensure a smooth and speedy process for acquiring home loan approval in Australia. Our objective is to furnish you with the latest and most comprehensive comparison of interest rates for home loans, guaranteeing that you obtain the best deal possible. Furthermore, we provide advice on how to get a mortgage using foreign earnings.
Feel free to contact us today to arrange a call and discover more about how we can support you with your home loan needs.
Stamp duty in other Australian states
Find out what stamp duty regulations you need to be aware of and how you calculate it in the following states:
FAQs about the WA property stamp duty calculator
You can use the following steps to pay stamp duty in Western Australia:
- Calculate the amount of stamp duty you need to pay. You can use our online stamp duty calculator WA to determine the amount of stamp duty payable on your property or transaction.
- Obtain the required documentation. You will need to complete a transfer of land or business form, which can be obtained from the Office of State Revenue or a settlement agent.
- Submit the documentation and payment. You can submit the completed form online through their website.
- Receive confirmation of payment. Once your payment has been processed, you will receive a confirmation of payment from the Office of State Revenue.
It’s important to note that stamp duty payments are time-sensitive, and late payments may incur additional fees and penalties. Our qualified expat mortgage brokers can advise you to take the most suitable steps if you are unsure about the stamp duty payment process.
Exemptions or concessions on stamp duty may be available for first-home buyers or certain types of properties, such as those used for primary production. However, expats are not eligible for specific stamp duty exemptions or concessions based on their expat status.
If you sell the property within 5 years of purchasing it, you may be eligible for a stamp duty refund. However, this refund is not specific to expats and is available to any property seller who meets the eligibility criteria.
Yes, Australian expats can generally pay stamp duty in instalments for residential property transactions in Western Australia, provided that they meet the eligibility criteria set out by the financial institution or lender.
However, the eligibility criteria for expats may vary depending on factors such as your tax residency status, employment status, and the purpose of the property purchase. We recommend you consult a professional conveyancer or settlement agent with experience working with expats to determine your eligibility and explore your options for paying stamp duty in instalments.