Countless people all around Western Australia are dreaming of their next home, but whether you’re applying for finance, buying a new home outright, or investing in property, there are always many different factors to think about.
Buying property is a big commitment, so it’s worth looking around and doing your research to learn about the various assistance you could get to make the process smoother, more efficient, and more cost-effective for you.
There are actually several government grants that could provide you with thousands of dollars to help out with buying your new home. Let’s take a closer look at a few of these grants and how they work.
Put in simple terms, the Home Buyers Assistance Account is a government grant, which can rise up to a value of $2,000, designed to reimburse home buyers for some of the incidental expenses that can come along with buying a home in Western Australia.
The types of incidental expenses covered by this grant include fees and services such as mortgage registration fees, solicitor fees, valuations, inspections, establishment fees and mortgage insurance premiums. Lots of little costs like these can add up while buying a home in WA, and the Home Buyers Assistance Account could pay you back for all that money lost.
Naturally, like any government grant, there is criteria to meet in order to qualify for this grant. The price of the home you buy must be under $400,000, for example, and the applicants can’t have owned any other dwelling in WA. If one of the applicants owns or has owned a dwelling in Western Australia, then a partial grant may be made to the first home buyer applicant(s) equal to the percentage of their interest in the dwelling (provided all other criteria are satisfied).
Foreign buyers in Australia, who are looking to purchase a home to reside or invest in, will need to liaise with the Foreign Investment Review Board (FIRB). Usually, when someone who is not an Australian citizen or a permanent resident looking to purchase a property in WA, a $5,700 application fee applies to a home value of up to $1 million.
However, if you purchase through the Department of Communities’ Affordable Housing Scheme, you can actually avoid paying this large fee altogether.
Homes available through the Affordable Housing Scheme are available to browse and buy through selling agents like Now Living Realty, and the advantages of using these schemes are clear to see, helping Australians save huge amounts of cash on their property purchase.
The First Homeowners Grant, as its name implies, is designed with first-time buyers in mind. The specific details of this grant and its concessions vary from one state to the next. In WA, a grant of up to $10,000 is available for those who are buying or building new homes.
Not only that, but the First Homeowners Grant also provides full exemptions on stamp duty on properties valued less than $430,000 or land valued at less than $300,000, offering even more savings for first homeowners.
Navigating your way through purchasing a home can be stressful, which is why our team of experienced real estate agents are available to answer any questions you might have & make your home buying journey easier. Make a good choice with property, and get in touch with us today.
Disclaimer: The above is provided for informational purposes only and is not intended as financial or legal advice. Eligibility criteria applies to all products.
Finance provided by Harrisdale Pty Ltd trading as The Loan Company ABN 59 088 462 140 Australian Credit Licence Number 386355.