Thanks to the WA State Government, if you're a first-time homebuyer in Perth or South West WA, you can turn the dream of owning your own home into reality with the First Home Owner Grant (FHOG).
So, what's the FHOG all about? Well, it's like a friendly cash boost from the State Government, worth $10,000. The best part? It's a real grant, not a loan, so you don't have to repay it. That's right, no interest, no strings attached, just some extra cash from the government to help you kickstart your journey to homeownership. In this article, we’ll have a look at first home buyers grant WA. So, let’s get started!
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First Home Buyers Grant WA: How Much Can You Get?
Wondering about the value of the First Home Owners Grant in WA? Well, it's a cool $10,000, and it's up for grabs when you decide to buy or build a brand-new home. But wait, there are some important things to know about the property's value.
If you want to settle south of the 26th parallel (which covers the Perth metropolitan area), you can snag the FHOG WA if your new home doesn't exceed $750,000. That includes both the land and the building.
Now, if your heart is set on a home north of the 26th parallel, it should be valued at or below $1 million to make you eligible for the FHOG WA.
Remember that the First Home Owner Grant in Western Australia won't be available if you're eyeing an established home. But don't worry, there might still be some stamp duty savings in store.
Home Buyers Assistance Account in WA
First-time homebuyers in WA can score some extra financial support with the $2,000 Home Buyers Assistance Account. It's there to help with those initial expenses when buying your very first home in WA. This includes solicitor or conveyancing fees, valuation charges, inspection costs, establishment expenses, mortgage insurance premiums, and upfront loan fees from your lender when you secure your home loan.
To qualify for the Home Buyers Assistance Account in WA, your first home's price tag should be $400,000 or less. Plus, you'll need to purchase through a licensed real estate agent operating in Western Australia. Remember, this account is specifically for homes already built or partly constructed when you make the purchase; it doesn't apply to plans for future home construction.
Eligibility Criteria for the First Home Owners Grant in WA
To be eligible for the First Home Buyers Grant, you'll need to check off a few important boxes:
- You must be 18 years or older when you apply, but there's a chance for an age requirement exemption if you're under 18.
- At least one applicant needs to be either an Australian citizen or a permanent resident.
- Neither applicants nor their spouses or de facto partners should have previously received a grant from any jurisdiction in Australia.
- Your new home purchase must be on or after 1 July 2000.
- You'll need to start living in your new home within 12 months of the eligible transaction.
- Your home must serve as your primary residence for a continuous six-month period within the first 12 months after settlement or completion of your new home's construction.
- If you're buying the home as a trustee for someone with a legal disability, they must meet the qualifying criteria and the residence requirements.
Value of Your Home
- Your home's total value affects your eligibility for the grant in WA. The cap on the home and land value varies depending on location:
- South of the 26th parallel (including Perth metropolitan areas): Up to $750,000.
- North of the 26th parallel: Up to $1,000,000.
- Meeting these criteria can help make your dream of homeownership in WA a reality with the First Home Owners Grant.
Applying for the First Home Buyers Grant WA
Securing the First Home Owners Grant in Western Australia is a breeze. Here's how you can apply:
Financial Institution or Approved Agent:
You can apply through a financial institution or other approved agents like solicitors or conveyancers. They can guide you through the process.
Direct Application to RevenueWA
You can also apply directly to RevenueWA. This approach allows you to manage your application yourself.
Choose the method that suits you best, and take that exciting step toward homeownership with the First Home Buyers Grant in WA!
Stamp Duty Savings for First Home Buyers
If you're a first home buyer in Western Australia, you're in luck regarding stamp duty savings. Here's what you need to know:
- Buying Vacant Land: If you're purchasing vacant land to build your first home and it's valued at $300,000 or less, you're exempt from paying stamp duty. You'll enjoy a reduced duty rate for land valued between $300,000 and $400,000.
- Purchasing an Established Home: Even if you're buying an established home and don't qualify for the FHOG WA, you can still claim stamp duty concessions. For homes priced up to $430,000, no stamp duty is payable. If the value falls between $430,000 and $530,000, you'll benefit from a reduced rate of stamp duty.
These concessions can significantly affect the overall cost of your first home in WA, allowing you to save more for your dream home.
Additional Grants and Schemes for WA First Home Buyers
In addition to the First Home Owner Grant and stamp duty savings, first home buyers WA may qualify for further assistance:
You can benefit from a full stamp duty waiver if you purchase any home valued at up to $430,000. Concessional rates are available for homes valued between $430,001 and $530,000, providing additional savings on your first home purchase. These grants and first home buyers assistance schemes are designed to ease the financial burden for first home buyers in WA.
Maximise Your Investment with Houst
Are you a first-time homebuyer in Western Australia (WA) looking to make the most of your new property? Perhaps you're considering listing your property or a portion of it on Airbnb to generate additional income. This is where Houst comes in.
Our team at Houst takes care of all the details, from managing your Airbnb bookings to Airbnb cleaning. With Houst, you can enjoy the benefits of Airbnb hosting without the stress. We handle everything so you can focus on what matters most to you.
Whether you're looking to boost your rental yields, navigate property rental management, or want peace of mind knowing your property is in expert hands, Houst has got you covered. Join countless property owners partnered with us to maximise their investment potential.