Overview of the FHOG Grant Increase For First Time Home Buyers

Recently a major grant increase for home buyers in Western Australia has been announced, increasing the First Home Owners Grant (FHOG) from $7,000 to $10,000 for those qualified and looking to build a new home. This grant increase puts a new home within reach for many more prospective first home buyers in Western Australia. First Home Owners Centre details the grant increase and other financial benefits available to those currently looking to buy their first home in Western Australia.

FOR IMMEDIATE RELEASE

August 29, 2013 – Perth, WA – The Western Australian Treasury has recently announced an increase in the First Home Owner’s Grant (FHOG) for eligible WA home buyers, starting September 15, 2013. This is an increase of $3,000 from the previous FHOG value of $7,000. It is estimated that the grant increase will put a new home within reach for 800 more Western Australians each year.

The grant is not a loan and does not need to be repaid. Home buyers can use the grant to cover their deposit and loan fees.

Eligibility Requirements

To be eligible for the First Home Owner Grant homebuyers must:

  • Be an Australian citizen or permanent resident
  • Have never owned residential property in any State or Territory of Australia
  • Have never received a First Home Owners Grant from any State or Territory of Australia
  • Be 18 years of age or older
  • Occupy the home as principal place of residence for a continuous period of at least 6 months within 12 months of the completion of the FHOG transaction

The new grant takes effect from September 15th. Home buyers wishing to take advantage of the grant increase should wait until after this date to make their purchase.

Besides the First Home Owners Grant, a variety of other financial benefits are available now for first time home buyers in Western Australia.

Stamp Duty Concessions

Besides the First Home Owners Grant, Stamp Duty savings are another significant financial savings available to new home buyers in Western Australia. First home buyers buying vacant land up to $300,000 in value are exempt from paying stamp duty. There would be no Stamp Duty for property built on the newly purchased land. If purchasing a built home, stamp duty on property for the home and the land valued up to $500,000 is waived for first home buyers.

Low Interest Rates

The Reserve Bank of Australia has set current interest rates to 2.5%, the lowest in decades. These low interest rates reduces borrowing costs on both variable rate and fixed rate loans, making owning a home now more affordable than ever.

Financing Options

Many prospective home buyers are unaware of the variety of financing options available to make buying their first home easier.

Low Deposit Loans

Saving for the deposit can be intimidating but low deposit loans are an option for some eligible home buyers which can put them on the path to first home ownership with as little as 1% deposit.

Keystart Home Loans

The Western Australian Government established Keystart to assist West Australians with the purchase of a home. Those who choose and qualify for Keystart finance only need a small deposit and are not required to have mortgage insurance.

Keystart also only requires a $50 weekly payment to the loan as a contribution towards the interest charged over construction. The builder’s finance team or a mortgage broker can help homebuyers understand their financing options better and put them on the path.

About First Home Owners Centre

FHOC is the First Home Owners division of HIA award winner Aveling Homes, one of Western Australia’s most quality focused building companies. What this means for you is that above all else, quality and affordability is what you will experience when you choose FHOC.

Visit the FHOC website at https://firsthomeownerscentre.com.au/ for more details about our services and available financing options for first time home buyers.

First Home Owners Centre Contact Information:

24/7 Enquiry line: (08) 6144 1088