Liberals plan to help seniors cut costs with stamp duty relief

Feb 10, 2021 | Plan, State News, WA Jobs, WA Labor

Zak Kirkup and the Liberals will fight for stamp duty relief for seniors downsizing from the family home to help them get into housing that better suits their needs and budget.  

“This policy is part of our plan to cut household bills and help the senior citizens who have contributed so much to our community with the financial support that they deserve,” WA Liberal leader Zak Kirkup said.

“We know that Labor’s $850 per year increases to household bills is putting far too much pressure on our community.

“Cutting stamp duty will help take the pressure off seniors by lowering costs to help them get ahead and into more appropriate accommodation.

“We also know that Western Australia is experiencing a demographic shift and that the demand for suitable accommodation is increasing amongst our ageing population.

“We want to make sure that seniors who want to sell their family home and move into housing that better suits their needs, are supported in that choice.

“This is also expected to stimulate the development of more age-friendly housing and unlock the potential to deliver more jobs in building and construction as part of the Liberals plan to create 200,000 new jobs in the next five years.”

Shadow Treasurer Sean L’Estrange said the Liberals plan for stamp duty relief would put up to $15,000 back in the pocket of seniors over 65 years of age who were downsizing the family home and cost $60 million over the next four years. 

“This would be provided in the form of a stamp duty concession of up to $15,000 for new and established homes up to the value of $750,000,” Mr L’Estrange said. 

“For example, the current stamp duty of $20,140 for a $550,000 home would be slashed to $5,140 for a senior purchasing a house of this value.

“Eligible seniors purchasing a property of up to $440,000 would pay no stamp duty at all.

“Concessions of up to $5,000 would also be provided for vacant lots up to the value of $400,000.

“This plan links the proposed stamp duty rebate to the median Perth house price to target the relief to those who will receive the greatest benefit.”

Shadow Minister for Seniors, Ageing and Volunteering Kyran O’Donnell said he was extremely pleased by the announcement. 

“I have been pushing for this policy within my party since last year and am glad to see that it has come to fruition,” Mr O’Donnell said. 

“It is a fantastic policy, not only to make downsizing more affordable for our seniors, but also because it frees up the residential properties they own for others to buy or rent. 

“We are currently facing a housing shortage, especially in the Goldfields and across the State, so this is a winning situation for all.”