Bold plan to scrap stamp duty could save first homebuyers up to $25k

A bold plan to scrap stamp duty for first homebuyers could be a “game changer” for struggling families.

A bold plan to scrap stamp duty for first homebuyers could be a “game changer” for struggling families in Western Australia.

The plan, unveiled by the Nationals on Saturday, could benefit as many as 20,000 new homeowners and “revolutionise the path to ownership”.

Announced at The Nationals WA State Conference and Convention in Bunbury, leader Shane Love MLA said the plan could be a “gamechanger” for families.

“Under the Nationals in Government, WA will lead the nation as the first state to abolish stamp duty for first home buyers,” Mr Love said.

“This is a monumental step towards getting thousands of Western Australians into their first homes sooner.”

Mr Love said for years stamp duty concessions lagged behind rising median house prices in the state.

WA Opposition Leader Shane Love has pledged to scrap stamp duty for first homebuyers. Picture: NCA NewsWire / Sharon Smith

Currently, the median house price in Perth sits at $680,00, while stamp duty exemptions are capped at properties valued at up to $450,000.

The result, Mr Love claimed, was that many families were restricted from accessing ownership and left “out in the cold amid a housing and cost-of-living crisis.”

“Many first home buyers are finding entry-level homes are now priced well beyond $450,000,” Mr Love said.

“It’s the government’s responsibility to ensure the dream of home ownership remains within reach.

“In most other states, first home buyers pay little to no stamp duty on similarly priced homes.

“It’s unacceptable that WA first homebuyers are at a disadvantage, especially in the nation’s most prosperous state.”

Under the plan, a first homebuyer purchasing at the median Perth home price of $680,000 would save $26,000.

WA Premier Roger Cook will likely seek re-election next year. Picture: NCA NewsWire / Kelly Barnes

Mr Love said the reform was long championed by industry stakeholders and would “significantly reduce” the time needed to save for a deposit.

It comes less than a year out from the state’s next election, when Labor’s Roger Cook will likely seek to extend Labor’s eight rule in Western Australia.

Mr Love took over from Mia Davies in 2023 as the state’s opposition leader, despite The Nationals holding only three seats in the legislative assembly to Labor’s 53.

The Nationals party entered into a formal alliance in 2021 with the Liberal Party who that same year’s election lost a whopping 11 seats – all of them to Labor.

Many states and territories have in place assistance scheme for first homebuyers whereby stamp duty is reduced if the property is lived in, not rented out.

In Victoria, stamp duty fees were abolished for first homebuyers purchasing a property valued at under $600,00, while those up to $750,000 were tapered.

Earlier this year, the South Australian government announced in its state budget plans to abolish stamp duty for home buyers who build or buy new homes.

Originally published as Bold plan to scrap stamp duty could save first homebuyers up to $25k