If you’re a first home buyer in Perth, you have probably heard about the financial incentives offered by the government to help you get into your first home. While you may recognise the term ‘first home owners grant’, there are other incentives that work in conjunction with this grant that you may be eligible to take advantage of.
It is not often, if ever, that someone will offer you thousands of dollars for virtually nothing in return, except for a little of your time and effort, so why wouldn’t you want to find out what types of financial assistance are on offer to you?
Here is the lowdown on the three types of home owner grants that apply to first home buyers in Perth and across WA.
1. The First Home Owner Grant (FHOG)
The first home owners grant was introduced in 2000 as a financial incentive to offset the effect of the GST on home ownership in WA. Under the FHOG, those first home buyers that are eligible, can receive up to $10,000 (recently updated to $15,000 for 2017) for newly constructed homes. The first home owners grant essentially can form part of your first home deposit, now who wouldn’t take that?
A cap does apply however. The FHOG can only be applied to homes and their land to a maximum value of $750, 000.
For more on the first home owners grant, read our previous blog post here.
2. Stamp Duty Concessions
Working in conjunction with the first home owners grant, first home buyers in Perth can save on stamp duty costs if eligible. For homes valued up to $530, 000, first home buyers can obtain a partial stamp duty concession. For homes valued at up to $430,000, homebuyers will not pay any stamp duty on their property.
Read more about stamp duty concession here.
3. Home Buyers Assistance Account
Now this type of financial assistance incentive may be one that you haven’t yet heard of.
The home buyers assistance account (HBAA), is a grant for first home buyers in Perth which can provide a reimbursement of up to $2,000 for costs associated with purchasing a first home. For example, costs such as mortgage registration fees, settlement agent fees, valuation and inspection fees are covered under the HBAA scheme.
To read about the specifics of the home buyers assistance account and to find out whether you may be eligible to receive the reimbursement, see this link.
Are you looking for more information about the First Home Owners Grant? At No Savings our goal is to open the door to homeownership for as many West Australians as we can and we can help you to take advantage of Government concessions that are available. Contact us today for more information.