As a first home buyer in WA, you may be eligible to receive either a one-off grant and/or stamp duty concession.
$2,000 First Home Buyers Assistance Account
If you purchase a home for $400,000 or less, then you may be eligible for a one-off government grant of up to $2,000. This is to assist with incidental expenses such as bank fees, government fees and settlement agent costs.
When will the $2K be paid?
It can take up to 8 weeks to process an application from the date all information is received and will be paid to your lender. How it will be paid to you depends on the individual lender.
Living in the home requirements
You must live in the home as your principle place of residence for at least the first twelve months. If there is an existing tenancy agreement in place, then the agreement must finish within six months after settlement date and you must live in the home for at least twelve months after this date.
Other requirements
The purchase must be made via a Licenced Real Estate Agent and the application must be lodged within 90 days after the date of offer to buy the home is accepted.
Stamp Duty Concessions
Assuming you are pre-approved for the First Home Owner Rate of Duty, if you purchase a home for $430,000 or less, then you will not be charged any stamp duty as a first home buyer. If the home is between $430,001 to $530,000 then you will be charged a concessional rate of stamp duty.
Any purchases above $530,000 mean you will incur the general rate of stamp duty.
Living in the home requirements
You must live in the home as your principle place of residence for at least six continuous months commencing within 12 months of settlement. For example, if your settlement date was 1st of January 2019, then you have until 31st December 2019 to move in and must live there for at least 6 months on an ongoing basis.
Broker?s Role in all of this
Your broker will assist you with the required forms and paperwork. The lender will lodge the FHOG application and your broker and the lender will liaise to ensure the process runs as smoothly as possible.
Here is a link to the forms and the Office of State Revenue website where you can find further information but please keep in mind that your broker will hold your hand throughout this process to help decipher all of this information and keep it as simple as possible for you.
Disclaimer
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders’ credit criteria, terms and conditions as well as fees and charges. Information is correct as at the 6 March 2019.