Your first home, and probably your biggest purchase to date.
You have no doubt been visiting home opens, concentrating on saving up your deposit, thinking about gaining a pre-approval and that all important home loan, and counting down the days until you can move into your own place.
You are probably well aware that the government offers financial assistance to first home buyers, but what exactly is on offer?
Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.
Here’s a basic overview of what’s on offer at the moment. Please keep in mind that this information can change.
Western Australia’s First Home Owners Grant:
First home owners can apply for Western Australia’s FHOG of $10,000 if they’re buying or building a new property. The maximum value of the property can be $750,000 if the property is located south of the 26th parallel of south latitude, or one million dollars if located north of the 26th parallel of south latitude. Each applicant must live in the home for a continuous period of at least six months within the first 12 months of purchasing the property.
All first home buyers, whether purchasing a new or established property, may be entitled to the First Home Owner Rate of Duty. Where the purchase price of the property does not exceed $430,000 no duty is payable. Where the purchase price of the property is more than $430,000, but does not exceed $530,000, the duty is discounted.
First home buyers of properties up to $400,000 might also be eligible for a grant from the Home Buyers Assistance Account. This provides up to $2000 for incidental expenses associated with purchasing a first home. In order to apply for this grant, buyers must meet certain criteria, including purchasing through a licensed real estate agent and having their loan financed through a lending institution, and they must intend to live in the home for at least 12 months. The home must be established or partially built, not vacant land or a house and land package.
More information about the First Home Owners Grant, and what’s on offer in the other states and territories of Australia is available here.
At Amplified, we are with you every step of the way. We have helped dozens of First Home Buyers achieve their dream of owning their own home. We even organise your First Home Buyers Grant
and First Home Owner Rate of Duty for you. For a stress free first home buying experience and great home loan options, contact us now.
“This newsletter does not necessarily reflect the opinion of the publisher. It is intended to provide general news and information only. While every care has been taken to ensure the accuracy of the information it contains, neither the publishers, authors nor their employees, can be held liable for inaccuracies, errors or omission. Copyright is reserved throughout. No part of this publication can be reproduced or reprinted without the express permission of the publisher. All information is current as at publication release and the publishers take no responsibility for any factors that may change thereafter. Readers are advised to contact their financial adviser, broker or accountant before making any investment decisions and should not rely on this newsletter as a substitute for professional advice. [Amplified Lending Solutions, ABN 37 600 872 517 and ACL 600 872 517].