Learning Centre

Stamp duty, sometimes known as transfer duty in WA, is a state government tax that is paid by the buyer when land or property is purchased and the ownership is transferred.  

First home owners do not have to pay Stamp Duty for land up to $300,000 and may pay a reduced amount for land up to $400,000.

See the REIWA Stamp Duty Calculator

The cash rate is the interest rate that is set by the Reserve Bank of Australia. If you have a variable interest home loan, then your repayments will most likely be impacted by changes in the cash rate because the major lenders will adjust their rates when the cash rate changes.

A Conveyancer is the person who deals with the legal issues surrounding the transfer of ownership of a block or house from one person or company to a new person or company.

The cooling off period is the amount of time that the person making an offer has to cancel their offer without having to pay any fees.

Settlement refers to the point of time in which the buyer officially becomes the owner of the property.

Progress Payments are instalments that are paid to a builder during the house construction phase. The first payment is usually a deposit that is made before the commencement of the build. The next payment usually then occurs when the concrete slab goes down on the block. By using Progress Payment, the money required for the building project does not need to be paid up front.

Due diligence when purchasing a property means doing your own research to ensure your purchase does not come with any surprises. For example, due diligence may include understanding risk prone areas, including flood and bushfire zones as well as land contours.

New homes in Western Australia must be built to a minimum six-star sustainability rating. This can be achieved by design that takes into consideration factors such as direction aspect, external windows and internal doors.

Practical completion for a block of land is when the land is ready for you to start building.

Practical completion for a house is the time when you can take the keys and move in.

A detailed area plan shows the way an area has been designed and provides a comprehensive overview of the built environment. The DAP will cover aspects such as the location, orientation and building design, as well as landscaping, vehicle access and parking aspects.

Public open space includes playgrounds, parks, public squares and reserves. These are places within a community that can be used for play, sport, recreation activities and social gatherings.

This is the type of new community development that is designed to become part of a new transport hub. This type of development is often built around a new bus port or train station.

Zoning places a restriction on what land can be used for. In Western Australia, zoning falls within the following categories of residential, commercial, industrial, mixed use, public use and agriculture.

The term lot is short for allotment. This refers to a piece of land. Sometimes lots are called blocks. In new land developments, a subdivision of land is given a lot number. The lot number is later changed to a street number.

The lot number is used within a land subdivision to show the specific location of a piece of land. This is different from a house address which comes after the land or house has been developed.

A Torrens title refers to the situation when property ownership is transferred by the registration of the title with the government authority. This is a common structure for property ownership.

Lots that are rear loaded do not have front driveways or garages. In these lots, the garage can be accessed by a laneway at the rear of the lot.

A property that requires the shared use of facilities such as a car park, common garden or swimming pool will be required to pay strata fees. These strata fees are paid annually and will contribute to the management and upkeep of these shared facilities.

Headworks refer to the work done on vacant lots so that essential services can be connected in the future. Headworks include gas water sewerage and Internet services.

Siteworks is the process of preparing the land for the construction phase. It can include clearing, excavating and levelling of the block. Siteworks must be completed before any construction of the house can begin.

Buying off the plan refers to making a purchase of a property before it has been built. In this case, buying decisions are usually made by referring to images, maps and blueprints.

The Title is the official certificate that confirms the ownership of the property.

There are a number of factors that determine the threat of bushfire to your property. These include the region, the vegetation around your home, the slope of the land and the buffer zone. There are six BAL levels ranging from BAL Low to  BAL Flame Zone.