First home buyer grants

Financial assistance to help you into your first home

Suitable for first home buyers building or buying a new home

 

The First Home Owners Grant (FHOG)?

First home owners buying or building a new home are able to apply for a one-off grant from the office of state revenue of up to $10,000.

The current FHOG applies to new residential dwellings only and does not apply to established homes, vacant land, business premises, holiday houses or minor renovations to an existing home.
Where a first home owner purchases a home that has undergone substantial renovations, they may be eligible to apply.

Eligibility criteria

  • Each applicant must over 18 and a person (i.e. not a company or trust)
  • At least one of the applicants must be an Australian citizen or permanent resident at the date of making an application.
  • Each applicant and/or their spouse cannot have previously received a FHOG or FHOR of duty under this scheme.
  • Each applicant and/or their spouse cannot have owned residential property anywhere in Australia before 1 July 2000.
  • Each applicant and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence for a continuous period of at least six months that began on or after 1 July 2004.
  • Each applicant must occupy the home as their principal place of residence for a continuous period of at least six months, commencing within twelve months of completion of the eligible transaction.
  • The total value of the home must not exceed the cap amount. The cap amount is currently $750,000 if the property is located south of the 26th parallel of south latitude, or $1,000,000 if located north of the 26th parallel of south latitude.

Note: This information is accurate as of the last update and was last updated on 20/07/2017. We recommend visiting firsthome.gov.au for the latest updates and to confirm the current incentives.

First Home Owner Rate (‘FHOR’) of duty?

 

There are two types of grant available dependent on whether the purchase is a home or vacant land which effect whether stamp duty, or how much, is payable. The amount of the grant depends on the value of the purchase.

Home purchase
The value of the home must not exceed $530,000.

  • Where the dutiable value of the home does not exceed $430,000, no duty is payable.
  • Where the dutiable value of the home exceeds $430,000 but does not exceed $530,000, duty is payable at a rate of $19.19 for every $100, or part of $100, by which the dutiable value exceeds $430,000.

Vacant Land purchase
The value of the vacant land must not exceed $400,000.

  • Where the dutiable value of the land does not exceed $300,000, no duty is payable.
  • Where the dutiable value of the land exceeds $300,000 but does not exceed $400,000, duty is payable at a rate of $13.01 for every $100, or part of $100, by which the dutiable value exceeds $300,000.

Note: This information is accurate as of the last update and was last updated on 20/07/2017. We recommend visiting firsthome.gov.au for the latest updates and to confirm the current incentives.

Suitable for first home buyers building or buying a new home or moving into an established property.

 

 

Suitable for first home buyers where the price of the home does not exceed $400,000.

 

Home Buyers Assistance Grant?

 

This grant provides up to $2,000 to reimburse some of the costs associated with purchasing a first home.

The current FHOG applies to new residential dwellings only and does not apply to established homes, vacant land, business premises, holiday houses or minor renovations to an existing home.
Where a first home owner purchases a home that has undergone substantial renovations, they may be eligible to apply.

Eligibility criteria:

  • The maximum price of the home is within the $400,000 prescribed limit for dwellings purchased in Western Australia
  • The home is purchased through a licensed real estate agent and financed through a lending institution
  • The buyer must intend to live in the home for at least the first 12 months. The home cannot be rented out during this time.
  • If there is an existing tenancy agreement in place at the time of purchasing the dwelling, the tenancy agreement must finish within six months from the settlement date, AND the applicant/s must intend to live in the premises for at least 12 months after the tenancy expiry date.
  • It is the buyer’s first home. The buyer must not own or have owned a home in Western Australia. If you are buying a home with others who own or have owned a home in Western Australia before, then you can apply for a partial grant based on the percentage of your ownership of the home.
  • The home is established or partially built (not vacant land or a ‘house and land’ package).
  • Your application is lodged with the Department no later than 90 days after the date your offer to buy the home is accepted.

Note: This information is accurate as of the last update and was last updated on 20/07/2017. We recommend visiting commerce.wa.gov.au/consumer-protection/home-buyers-assistance-account for the latest updates and to confirm the current incentives.

Talk to us!

 We can help walk you through what may be suitable for your circumstances. Call us on the number below or complete the form opposite.

Please Note: The information above (effective 20th July 2017), may of course be subject to change as policy changes, and we can give you information about any changes as they happen. Finally, of course we will be by your side every step of the way to assist you in accessing these.