If you’ve ever thought about building a home, now could be the right time. The Western Australian government has temporarily boosted the First Home Owner Grant by $5,000 for those who enter into a contract during 2017 to purchase or construct a new home, and also for owner-builders who commence laying the foundations of their home this year. This boost increases the already-existing $10,000 grant to $15,000.
Aussie Geraldton Franchisee Paul Morphew said “with low interest rates, now’s a great time for first home buyers to get into the WA market.”
“This boosted grant means buying a house and land package is a great option, as is buying a newly built home that hasn’t been lived in yet, getting first home buyers into their new home, sooner.”
“As an added incentive, you don’t have to pay stamp duty on the purchase or construction of a new home if it’s under $430,000,” Paul said.
How do I receive the $15,000 boosted First Home Owners Grant?
To help you out, we’ve summarised some of the key points to consider. For full information please visit this fact sheet.
- You must be over 18, though there are exemptions you can apply for
- At least one applicant must be an Australian citizen or permanent resident
- The contract for the construction or purchase of an eligible new home must be made between 1 January 2017 and 31 December 2017
- Construction of a new home must have commenced within 26 weeks after the date of the contract and be completed within 18 months of commencing construction
- If you’re an owner builder, construction must commence between 1 January 2017 and 31 December 2017 and be completed by 30 June 2019
- If you’re buying ‘off the plan’, the contract must be entered into between 1 January 2017 and 31 December 2017 and be completed by 30 June 2019
- You must own the land on which the home will be/is built
- There are previous ownership and occupation restrictions, see here for detail
- You must live in the home as your principal place of residence for at least six months within the first 12 months of settlement or completion of the build.
What does this mean for me?
A $15,000 boost might just be the key to your entry into the property market. Did you know that some lenders will even consider the First Home Owners Grant as part of your savings and deposit? If you arrange your loan through your Aussie Broker, we’ll help you with the paperwork.
“It really is a great time to get into the WA property market. I’d encourage any first home buyers to speak to their local Aussie Broker and find out how much they can borrow.”
Find your local broker here.