First Home Buyers Grant Western Australia (WA)
The First Home Buyers Grant Western Australia (WA) may be paid on a new or established residential building be it an apartment, flat, unit, townhouse, house, or any other premises built as a residence and accepted as such by any local government planning authority.
The First Home Buyers Grant Western Australia (WA) is made up of two important components:
- An Australian Government grant of $7,000 that is paid to all eligible Australian residents known simply as the First Home Buyers Grant (FHBG). This grant although funded by the Australian government is administered by the various state and territory governments and
- The Western Australian Government funded First Home Owner Concession (FHOC) may be paid to owners of properties in Western Australia who are eligible to receive the FHBG.
What is the concession worth?
Those eligible to receive the benefits of the First Home Buyers Grant Western Australia (WA) will benefit from the concession (FHOC) on state government transfer stamp duty on the home with a value of up to $600,000 for house and land, or up to $400,000 for a vacant lot. House and land:
- For a home with a dutiable value of between $0 and $500,000 there is no duty to pay:
- From $500,00 to $600,00 the rate of duty payable is $22.51 per $100 or part of $100 above $500,000.
For vacant land:
- $0 to $300,000 there is no duty to pay.
- $300,000 to $400,000 the rate of duty payable is $13.01 per $100 or part of $100 above $300,000.
How to Apply for the First Home Buyer Grant in Western Australia
The home for which the First Home Buyers Grant Western Australia (WA) is granted must be used as your principal place of residence before the expiration of 12 months from the obtaining of the grant if it is for an already established home, and 12 months from the date when the construction was finished if it is for a new home. It is neither means tested nor is it taxable. There are however certain eligibility requirements and these are as follows:
Eligibility:
- Be a citizen of, or be a permanent resident of Australia.
- Be 18 years of age or over.
- Cannot be a company or a trust. (There are exemptions available for a trust that has been put in place for the benefit of a disabled person or others in a similar situation)
- Have not owned a house either jointly or separately anywhere in Australia prior to July 1, 2000.
- Have not owned a house or other residential property anywhere in Australia for more than six months on or after July 1, 2000.
- To have entered into a legal agreement to buy a home or otherwise signed a legal agreement with a builder to build a home on or after July 1,2000.
- If an owner-builder you must have begun the construction of your home on or after July 1, 2000.
- Be your first such application unless any previous unsuccessful or disused grant has been fully repaid.
- Must occupy the home as your principal place of residence for at least 6 months within 12 months of finalizing your ownership or the completion of the construction of the dwelling.
Those wishing to apply for a First Home Buyers Grant Western Australia (WA) can do so by lodging the required application form with an approved agent that includes most of the financial institutions who operate within Western Australia. To make the process even easier, Home Loan Finder can guide you through it.
If your a first time home buyer in Western Australia, you may want to get into contact with a local mortgage broker to help you find the best home loan and negotiate the most competitive rate. By using the Home Loan Finder Mortgage Broker Finder tool, you find details of all mortgage brokers registered in your local area.
East Region Mortgage Brokers
North Region Mortgage Brokers
Perth Region Mortgage Brokers
Southern Mortgage Brokers
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- Busselton-Dunsborough and Surrounds
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Related posts:
- First Home Buyers Grant South Australia
- First Home Buyers Grant Northern Territory (NT)
- First Home Buyers Grant Queensland (QLD)
- Eligibility for first home buyers grant
- First Home Buyers Grant WA
- Home Loans WA
- First Home Owners Grant (WA)
- First Home Owners Grant (ACT)
- First Home Buyers Grant New South Wales (NSW)
- Revival Of Stamp Duty – A Hitch for First Home Buyers
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