In the past month the Australian government has announced a number of new housing grants available in Western Australia. This is great news for WA home buyers who are eager to get into their own home soon or purchase an investment property.
Even better is that eligible homebuyers can use several grants in conjunction with one another to increase savings – there truly isn’t a better time to get into your own home!
The HomeBuilder Scheme has just been announced by the federal government. It is a grant to help eligible Australian owner-occupiers to build a new home or to substantially renovate their existing home. Investment properties are not eligible for the HomeBuilder Scheme.
Eligible WA applicants for the HomeBuilder Scheme will get $25,000.
To be eligible for the HomeBuilder Scheme as a new home buyer, your income needs to fall within the following thresholds.
– Couples: a combined income of less than $200,000 per year
– Singles: an income of less than $125,000 per year
You must also be building a new home worth less than $750,000 that you intend to live in, and your contract to build must be in place before December 31, 2020.
If you’re undertaking a renovation, the same income eligibility thresholds must apply. However, the value of the renovation must be at least $150,000 and it cannot exceed $750,000. The property being renovated must be the one you currently live in and it must be valued at less than $1.5 million.
The Building Bonus is a WA government stimulus grant. It’s available to both owner-occupiers and investors who enter into a contract to build a new home in WA before the end of 2020. This includes entering into a contract to buy a new unit or townhouse that is currently under construction.
Eligible first home builders in WA will get $20,000 under the Building Bonus scheme.
Anyone who enters into a contract to build a new home in WA or to buy one that is currently being built before December 31, 2020 is eligible for the WA Building Bonus scheme. This includes both local and foreign buyers. You don’t need to be living in WA to be eligible.
There is also no cap on the value of the property being bought and there are no income threshold caps that you need to meet.
The First Home Owners Grant (also known as FHOG or the First Home Buyers Grant) is a one-off WA government payment for first-time owner-occupiers to purchase a brand new home.
The first home buyers grant in WA in 2020 is $10,000.
In addition to this one-off $10,000 payment, first home buyers are exempt from paying stamp duty on properties valued at less than $430,000. You’re also eligible for a concessional rate of stamp duty if you buy a property for between $430,000 and $530,000.
In addition to being a first-time owner-occupier and building or buying a new home, you need to meet all of the following FHOG criteria to be eligible. You and/or your partner (married or de facto) must:
– be over 18
– be an Australian citizen or permanent resident
– never have received the FHOG previously
– never have bought residential property in Australia
Only one FHOG is available per property buying transaction. So even if you and your partner are both eligible, you’ll only receive a single payment of $10,000.
The WA Department of Communities offers the Home Buyers Assistance Scheme to partially cover incidental costs associated with buying your first home, whether it’s established or new.
You must buy a home valued at less than $400,000 through a licensed real estate agent.
We are excited to have a number of brand new homes currently under construction all across the Perth metropolitan area that are eligible for the $20,000 Building Bonus as well as the $10,000 First Home Owners Grant*.
Now Living Realty’s partnership with The Loan Company* ensures you secure the finance option best suited to you and that you get advice on any government grant’s you’re eligible for. Our property consultants will be with you alongside our accredited finance professionals at The Loan Company every step of the way.
For more information get in touch with our team today!
Disclaimer: The new government stimulus on residential housing is subject to terms and conditions, with eligibility criteria applying. Please contact us for further information. Please visit nowlivingrealty.com.au/finance for more information on the eligibility criteria for the First Home Owner’s Grant* Finance provided by Harrisdale Pty Ltd trading as The Loan Company ABN 59 088 462 140, Australian Credit Licence Number 386355.