What benefit are available as first home buyer in WA
As you begin your journey towards purchasing your first home, we wanted to provide you with some valuable information on grants and incentives that may be available to you. There are several grants and incentive for first home buyer. Here are some of the important information below:
First Home Owner Grant:
- The grant offers up to $10,000 for the purchase or construction of a new home, or the purchase of a substantially renovated home.
- Unlike some other grants, it is not means tested, meaning that you may be eligible regardless of your income level.
- To qualify for the grant, you must not have previously owned a residential property anywhere in Australia before certain dates (1 July 2000, 1 July 2004, etc.).
- For more details informaiton, please visit: First Home Owner Grant Fact Sheet
Home buyers assistance account:
A grant from the Home Buyers Assistance Account reimburses some of the incidental expenses incurred when purchasing a first home in Western Australia, provided the applicants meet all criteria. Eligible applicants receive a grant of up to $2,000.
- The price of the dwelling must be within the maximum price limit for dwellings purchased in Western Australia. The price limit relates to the total price of the dwelling and not the percentage of the applicant’s purchase. The current prescribed limit is $400,000.
- The applicant(s) must not own or have previously owned a dwelling in Western Australia. If one of the applicants owns or has owned a dwelling in Western Australia, then a partial grant may be made to the first home buyer applicant(s) equal to the percentage of their interest in the dwelling (provided all other criteria are satisfied).
- The dwelling must have been purchased through a licensed real estate agency carrying on business in Western Australia.
- The dwelling purchased must be financed by a lending institution which is also required to lodge the application on behalf of the applicant.
- For more information, please visit: Home buyers assistance account
First Home Owner Rate:
- In addition to the First Home Owner Grant, the First Home Owner Rate of Duty program offers a concession on transfer duty for first home owners. This can provide significant savings, with exemptions for property values up to $430,000 and reductions for values up to $530,000.
- Importantly, this program can be accessed in addition to the First Home Owner Grant, meaning that you may be able to benefit from both.
- For more information, please visit: Duties Fact Sheet - First Home Owner Rate
Keystart Home Loans:
- Keystart is a WA Government initiative designed to help get you into your first new home faster and easier by lowering the entry costs.
- With Keystart, there’s no lender’s mortgage insurance. And instead of saving a minimum 5% of your home as a deposit, you can save as little as 2%.
- For more information, please visit: Keystart
Shared Home Ownership:
- Under this unique initiative, the State Government (through the Department of Communities) acts as a silent partner, co-owing the home with you.
- They fund up to 3-% of the purchase price, which means you only need a loan for the remaining share, so your mortgage repayments will be lower.
- For more information, please visit: Shared Home Ownership
Off-the-plan duty rebate
- A rebate is available for people who enter into a pre-construction contract to purcahse a new residential unit or apartment off the plan. Or for people who enter into a contract for purchase of a new unit or apartment under construction.
- The rebate for eligible buyer is up to a $50,000.00 for property price up to $650,000.00
- For more information, please visit: Off-the-plan duty rebate
Regional First Home Buyer Guarantee (RFHBG)
- Under the RFHBG, part of an eligible regional home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.
- Any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender).
- For more information, please visit: Regional First Home Buyer Guarantee
We hope that this information is helpful to you as you navigate the process of purchasing your first home. Please don't hesitate to reach out to us if you have any questions or need further assistance.
