You reach an important milestone in purchasing your first home. To make your dream of buying your first home true, there are various incentives available from the Government of Western Australia that is aimed to reduce the cost burden. Here are few of the incentives available, and if you are eligible, you can use them to purchase your first home.
The available incentives
First Home Owner Grant
In Western Australia, the size of the First Home Owner Grant varies as per the area of building or buying a property. For a property worth $750,000 and situated south of latitude 26 (Perth included), the grant amount could be up to $10,000; and the grant size remains the same for a property north of the 26th parallel of latitude, and valued up to $1 million.
However, if it is an established home or a home that had a previous occupant, FHOG is not applicable. But if the new house cost is not more than $530,000, you can apply for First Home Owner Rate of Duty (FHOR).
The construction must begin within 26 weeks of the signing of the contract and has to complete building work within 18 months of the start of construction. The applicant must be living in the new home for a minimum of six months.
For further information, visit the website of the Government of Western Australia’s website.
Exemptions and Concessions Available
First time home buyers are not qualified to buy an established home with the FHOG. However, you can apply for certain duty exemption or concessions that would reduce or abolish the stamp duty necessary. To be eligible:
– Your date of the contract of sale to buy your first home must be on or after 1 July 2017
– If the home you plan to buy has a dutiable value of $530,000 or less, you are eligible for the first home buyer duty exemption, or
– If the home you plan to buy has a dutiable value of 530,001 to $750,000, you are eligible for the first home buyer duty concession
– The buyer of the property fulfils the eligibility requirements for the FHOG
– At least one buyer meets the residency requirements
We can guide you all through the application process for your FHOG or available concession online on the State Revenue Office Duties website. Applying through us means you can make the most of your FHOG. Our expert consultants are there to take you through all the steps successfully.
For further information on buying your first home, please get in touch with one of our friendly staff at Waterways Conveyancing on (08) 9586 9992 or mail us at email@example.com