First Home Buyers are often incentivised with loan specials and other grants to help them into their first home. At 'All About You' Financial Solutions, our Home Loan Experts will help you with advice on:
- How much of a deposit is required?
- How much you can afford.
- Loan special for First Home Owners.
- Government and other available grants availability.
- Many lenders allow you to get started with the assistance of certain family members.
- You may be entitled to the First Home Owner Grant and the Home Buyers Assistance Grant which can assist with deposit, fees etc.
- You may be entitled to Government Stamp Duty concessions.
What is the First Home Owner Grant?
In WA, the First Home Owner Grant is a one-off grant payable to first home owners who meet the eligibility criteria.
Effective 3 October 2015, first home owners buying an established home are no longer eligible for the grant. However, first home owners buying or building a new home are able to apply for a grant of up to $10,000.
The grant is capped, and the total value of the property (i.e. total value of home and land) must not exceed $750,000. If purchasing north of the 26th parallel, the cap is increased to $1,000,000. As a guide, the Town of Kalbarri is south of the 26th parallel and the Town of Denham is north of the 26th parallel.
As well, first home owners buying an established or new home, or building a new home, may be eligible for the First Home Owner Rate of duty. No Government purchase stamp duty is applicable for house and land purchased up to $430,000, or vacant land purchased up to $300,000.
What is the Home Buyers Assistance Grant?
In WA, the Home Buyers Assistance Grant provides a grant to first home owners who meet the eligibility criteria to cover the incidental expenses when they purchase an established or partially built home through a licensed real estate agent, up to a maximum purchase price of $400,000.
First home buyers meeting the eligibility criteria are able to apply for a grant of up to $2,000.