WA first home buyer’s increase
A boost for WA First Home Owners
In Australia, The First Home Owners Grant (FHOG) is a government initiative aimed to assist eligible borrowers to become property owners. The grant mostly applies to new homes, with different terms and conditions in each state. This is a great way to help people who are looking to make a break through the property market.
On the 29th of December 2016, the Western Australian government announced an increase in the first home buyers’ grant from $10,000 to $15,000 for house and land packages.
The initiative is in place not only to give first home owners a boost but also the construction industry, which has had a down turn in the last 12 months.
The grant is valid for a period of twelve months with the applicants needing to have a signed building contract in place within 26 weeks of the land purchase date and the property completed within twelve months. All first home buyers who have entered into a contract to build a new home or purchase an eligible new home will need to do it between 1st January 2017 and 31st December 2017.
As part of the eligibility criteria for the Western Australia FHOG boost, it is important to note that:
Construction of the new home must commence within 26 weeks after the date of the contract.
The home must be completed within 18 months of the construction commencing.
In Queensland, depending on the date of contract, applicants are eligible for $15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000), in NSW and VIC the eligible amount is 10,000 (conditions apply).
To find out more about first home buyers’ eligibility criteria, speak to your friendly broker.