First time and seasoned investment property buyers of real estate in Bunbury should understand any possible hidden costs when purchasing a home.
Stamp duty is tax imposed in Australia on the transfer of a title and is relevant to the property market when selling and buying real estate. This tax is normally paid by the purchaser.
The amount of stamp duty that is charged varies from state to state, therefore when purchasing a property in Bunbury for the first time it is important to understand the specifics of Western Australia's duty.
Often known as transfer duty, it is payable in WA on every class of residential property, whether it is owner occupied or a temporary residence. Landlords should note that stamp duty applies on all purchases of Bunbury rentals.
The cost of stamp duty varies depending on the value of your home- as the purchase price increases, so too does the duty. In WA, first home buyers of properties under $600,000 may qualify for a reduced rate or a concession, while properties under $500,000 won't see any duty charged.
Additionally, the WA government also offers new buyers a purchasing and building grant of up to $10,000 for new homes to assist buyers wanting to break into the property market.
Anyone looking for help with buying or selling in the Bunbury area should contact a local real estate agent to assist with the whole process.