First Home Owner’s Grant, added bonus!
In great news for West Australian first home buyers, as of January 1 2017, the First Home Owners Grant (FHOG) has been boosted from $10,000 to $15,000 for building or purchasing a brand new home.
This is a genuine one-time government grant, free of interest and it never has to be repaid.
This grant is only available for new homes that have never been occupied and the additional $5,000 boost will only be available for contracts entered in to before December 31 2017.
To qualify for the $15,000 FHOG for building or buying a new home, first home buyers must meet the following criteria:
Be an Australian citizen or permanent resident.
Never have owned a residential property in any Australian State or Territory.
Never have received a First Home Owners Grant from any Australian State or Territory.
Be 18 years of age or older.
Occupy the home as your principal place of residence for a continuous period of at least 6 months within 12 months of the completion of the FHOG transaction.
STAMP DUTY CONCESSIONS
In addition to the above government assistance, first homebuyers are also eligible for concessions on stamp duty.
For first home buyers purchasing established homes, stamp duty is waived for purchases up to $430,000. Discounted stamp duty applies on purchases between $430,000 – $530,000.
For first home buyers purchasing vacant land to build a new home stamp duty is waived on land purchases up to $300,000. Discounted stamp duty applies on purchases between $300,000 – $400,000. Contact our office any time for accurate figures on specific purchase amounts.
Those buying a new ‘off-the-plan’ home, including apartments, will need to make sure construction is completed by June 30, 2019 to ensure they qualify for the additional $5,000 boost.
KEYSTART HOME LOANS
Keystart Home Loans is an initiative of the West Australian government to assist West Australians into affordable housing. They provide a Low Deposit home loan option requiring a deposit of just 2% genuine savings with no lender’s mortgage insurance, allowing homebuyers with little savings to get into a home of their own.
The Keystart Low Deposit home loan can be used for owner-occupiers in Western Australia, regardless of whether or not they are first homebuyers.
KEYSTART MAXIMUM INCOME INCREASES
Under the changes, Keystart’s metropolitan income limits will rise up to $20,000:
Singles – up to $90,000, previously $70,000
Couples – up to $115,000, previously $95,000
Families – up to $135,000, previously $115,000
Changes also mean property price cap in the Pilbara and Kimberley will rise from $500,000 to $650,000 for Key Start borrowers. The property price cap for the Perth metro area is $480,000.
At Celsius Finance we have access to lending from all leading banks and lenders – including Keystart Home Loans. For more information or to see if you qualify, contact our in house mortgage broker Donna-Lee Parkes for an obligation free chat.
If you’re thinking of entering the property market, but not sure where to start? Call us today on 1300 CELSIUS and we’ll help connect you to property.