Are you a first home buyer looking to invest in your first home, but don’t know where to start? With so much information out there for you, it can be a lot to digest. So make sure you’re on top of the facts that matter most when purchasing your new first home in Perth.
Read on to find out the lowdown on what incentives are available for first home buyers in WA, from the recent cut backs on WA’s First Home Owners Grant to the house and land packages that have got everyone talking.
The First Home Owner Grant (FHOG) is a one-off payment to help first home buyers enter the property market. Originally established to offset the impact of the then-new GST, the FHOG has now become an important economic stimulus tool to encourage and assist first home buyers to buy or build.
Under the Western Australian Government, the FHOG is available for first home buyers who are buying or building a new home in WA to the value of $750,000. This includes both off-the-plan homes and newly built homes that have not been previously occupied. Stamp duty for first home buyers is also waived in WA.
On 27 December 2016 the WA Government announced a temporary $5,000 boost payment, taking the FHOG from $10,000 to $15,000 until 31 December 2017. However, in May the Government decided to change the deadline for the boost payment until 30 June 2017, cutting off the eligibility period 6 months earlier than planned. Nevertheless, $10,000 towards your first new home? We’ll take it.
The FHOG has changed and evolved since it was introduced 16 years ago. A National Government scheme, funded by the States and Territories and administered under their own legislation, the initiative differs from state to state. For example, in WA the following requirements are needed:
Furthermore, to be eligible for the boost, construction must commence within 26 weeks after the date of contract and be completed within 18 months of construction (before 30 June 2019).
At SmoothStart, our commitment to building first homes in Perth and for the wider WA community is unwavering. We are fully equipped to provide quick, single storey homes at a great price that won’t break the bank.
If incentives like the first home buyers grant in WA didn’t make buying and building your first home affordable enough, SmoothStart wants to sweeten the deal with our fantastic value, brand new house and land packages. With a range of homes to suit the needs of your block, budget and family, what’s not to like?