Bonuses and Grants for First Home Buyers
First Home Buyers are able to access a range of grants to help them with the costs of buying their first home.
Most people know about the First Home Owners Grant (FHOG) of up to $10,000 for first home owners buying or building a new home. Information on who qualifies for FHOG is available on the Office of State Revenue website at www.finance.wa.gov.au.
Did you also know that if you are buying an established home a successful FHOG application means you may be eligible for Nil stamp duty for properties up to $430,000? Timing is important. If you get your broker or bank to assist you to apply for the FHOG early in the loan application process the grant can be approved before settlement takes place and no stamp duty will be payable. FHOG can also be applied for after settlement but this does mean you will need to come up with the stamp duty for settlement and apply for a rebate after settlement.
A less well know grant is the Home Buyers Assistance Account set up to provide first home buyers with a grant of up to $2,000 to help with the costs of buying an established or partially built home through a licensed real estate agent for a purchase price of $400,000 or less. Costs that can be reimbursed include mortgage registration fees, settlement fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with lodging the application. More information is available on the Department of Commerce website at www.commerce.wa.gov.au
We can help you!
Sure Settlements - Settlement Agents Midland and Perth Hills - specialises in Western Australian property transactions. Whether you are looking to purchase a residential, commercial, strata, or rural property, our highly skilled settlement agents/lawyers will oversee your transaction and ensure legal requirements are properly complied with. Give Liz a call today on 9274 0044 for a free, highly competitive quote or visit our main Settlements page for more information.