Western Australia’s State Government has unveiled new reforms aimed at making it easier for first home buyers and off-the-plan purchasers to enter the property market. If you’ve been considering buying your first home or investing in an off-the-plan property, this is news you’ll want to pay close attention to.
At Mosaic Settlements, we’re all about helping our clients make the most of the opportunities available, especially when it comes to financial support during the purchase process. These upcoming changes present a valuable window for eligible buyers to reduce upfront costs and potentially receive a refund after settlement.
What’s Changing?
The government has proposed two major changes to the existing duty concessions:
- An increase to the property value thresholds for first home buyers who qualify for the First Home Owner Rate of Duty.
- Expanded eligibility for the Off-the-Plan Duty Rebate Scheme, including:
• Contracts for single-tier strata and community title dwellings (excluding survey-strata schemes).
• Higher property value thresholds.
• An extension to eligible contract dates for pre-construction and under-construction purchases.
These changes will apply to transactions entered into on or after 21 March 2025, and they’re designed to provide further support to home buyers facing rising property prices across WA.
Timing and Legislation
While the changes have been announced, they cannot be applied just yet. The government plans to introduce the necessary legislation to Parliament in early June 2025, and the final implementation will depend on the Parliamentary process.
This means there’s a bit of a holding pattern between 21 March and the passing of legislation. If you enter into a transaction during this window and your purchase qualifies for reduced duty under the proposed changes, you may be able to apply for a reassessment and refund after settlement, but only once the changes are officially in effect.
As always, Mosaic Settlements will stay across these updates so you don’t have to. We’ll be monitoring announcements from RevenueWA and keeping our clients informed as more details become available.
What This Means for You
If you’re a first-time buyer or considering an off-the-plan apartment or unit in a qualifying scheme, these updates could significantly reduce your upfront costs. That could mean thousands saved on stamp duty, money that could be better spent furnishing your new home or giving you some breathing room in your budget.
But timing will be everything. If your settlement falls before the legislation is enacted, we’ll guide you through the reassessment process to ensure you don’t miss out on any applicable refunds.
Count on Mosaic Settlements for Guidance
Our friendly team is ready to walk you through the ins and outs of these changes and how they may apply to your situation. Whether you’re a first-time buyer or looking at an off-the-plan opportunity, we’ll ensure your settlement process runs smoothly, with every eligible concession or refund pursued on your behalf.
Get in touch with us today to explore how these duty changes may impact your upcoming property plans.
