First home buyers—Stamp duty exemptions
19. Mrs Magenta Marshall to the Minister for Finance:
Thank you, Mr Speaker. May I congratulate you on your new role.
I refer to the Cook Labor government's efforts to make home ownership available to more Western Australians.
(1) Can the minister update the house on this government's election commitment to lower stamp duty rates for first homebuyers?
(2) Can the minister advise the house how these changes will impact Western Australians buying their first home?
Mr David Michael replied:
(1)–(2) I thank the member for Rockingham for that question and for her great election win as well. It is great to have her back in the chamber and great to have her on the mark in terms of standing up in the chamber. I thank the member for her interest in the matter. Obviously, we know for many Western Australians how important it is to get into the housing market to buy their first home. As the member knows, I live where I have lived my whole life and I got to buy where I live off my mum and dad. I did that in chunks, because I could not afford it all at once. I remember when I first signed my home loan—a pretty daunting thing to do—to buy the first chunk of the house. As we have gone on, the responsibility it gives you as an adult and being able to get on with your life and do something that is important is something we want many Western Australians to do if they are able to. That is why it is important to get this legislation in.
I am really proud that we are delivering one of the first election commitments in terms of bringing the duties bill into the house. Members would know that earlier today I introduced the Duties Amendment Bill 2025 in my role as Minister for Finance. That important legislation means that more support is now available for people purchasing eligible homes, land, apartments or townhouses for the first time. The changes in this bill will benefit around 22,000 buyers over the next four years, with about 8,000 no longer having to pay any transfer duty when buying their first home or vacant land to build their first home. This means homebuyers could save nearly $18,000 on homes valued up to $500,000. A reduced rate of duty will also be applied to homes valued between $500,000 and $700,000 in the Perth metropolitan and Peel regions, and to homes valued between $500,000 and $750,000 in the rest of our state. First home buyers purchasing vacant land to build their first home will pay no duty on land valued up to $350,000 and a reduced rate of duty will apply to land valued between $350,000 and $450,000. There is more. The changes will also provide a saving of up to $15,000 for people purchasing new strata apartments or townhouses.
Obviously, members, we have come back to Parliament a little sooner than we all probably thought we were going to and I thank members for that, because by allowing me to introduce the bill this morning, it means that we will be able to ensure that eligible transactions made from Friday 21 March will be eligible for these changes under conventions in the act to allow those things to be pre-dated. I look forward to debating the bill when we come back after the break; I am looking forward to contributions. It is good news for first homebuyers and good news for people wanting to buy an apartment off the plan. It is very exciting and I look forward to having this legislation move through Parliament in the coming months.
