Buying your first home is a huge achievement, and it can also be a huge investment. Luckily, there are a number of grants available to help you get into your first home.
What is the First Home Owners Grant?
The WA First Home Owners Grant was introduced as a once-off payment to help eligible home buyers to buy or build their own home. The $10,000 payment can be used towards the down payment of your new home and doesn’t ever need to be paid back.
The First Home Owners Grant is only for first home buyers looking to purchase or build a home as their principal place of residence (it’s not available for people purchasing an investment, or established property).
At Achievable Homes, our knowledgeable team of experts can help you find out if you qualify for the First Home Owners Grant. We’ll be there to look after the application for you and guide you throughout the entire process. If you’re ready to get started on the path to owning your own home, then get in touch today!
Do I qualify for the First Home Owners Grant?
To qualify for the grant you’ll need to meet the eligibility requirements below;
You must be 18 years or older
You must be an Australian citizen or permanent resident
You and your spouse cannot have owned a residential property in Australia prior to 1 July 2000
You must occupy the property as your principal residence for continuous periods of 6 months, within 12 months of settlement or within 12 months of the completion of your home
What are the grant limits?
Some limits do apply to the value of the property you can purchase when you receive the First Home Owners Grant, but don’t worry, we’ve got plenty of house and land package options available that are eligible for the grant.
The caps on the total value of the home and land depends on where you plan to build your home. For homes built within the Perth metropolitan area (which falls South of the 26th parallel), the value of your property cannot exceed $750,000. Homes built north of the 26th parallel must not exceed $1,000,000.
Stamp duty concessions
If you’re eligible for the First Home Owners Grant then you might also qualify for stamp duty concessions. First home buyers are exempt from paying stamp duty for homes under $430,000. To find out more, get in touch with us today!
Do I qualify for the First Home Owners Grant?
Right now, first home buyers can add the $15,000 federal HomeBuilder grant to their FHOG, for a whopping $25,000 to put towards their new home!
The HomeBuilder grant
The HomeBuilder grant is a scheme introduced by the federal government to help boost the Australian construction industry. The $15,000* tax-free grant is available for people looking to build their own homes, it’s worth noting however that some eligibility criteria applies:
Home buyers must be building a home that will be their principal place of residence
The total value of the house and land cannot exceed $750,000
Construction of the home must proceed within three months of the contract date
The grant is only available for contracts signed prior to the 31st of March 2021.
FAQs
Find out what you qualify for today.
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