If you, or someone you know, is considering getting a foot onto the property ladder for the first time in 2019, you may be eligible for some pretty sweet financial incentives offered by our state government.
In WA, the First Home Owner Grant (FHOG) provides eligible buyers who are purchasing or building property for the first time with a one-off payment of $10,000. The grant no longer applies to existing homes.
Eligible properties located south of the 26th parallel are limited to $750,000, while properties north of the 26th parallel are limited to $1 million.
To be eligible, you need to meet the following criteria:
Each applicant must be a natural person and not a company or trust.
At least one applicant must be a permanent resident or Australian citizen.
Each applicant must be at least 18 years old.
You or your spouse, partner or co-purchaser must not have previously owned an interest in land in Australia which had a residence on it, before 1 July 2000.
You or your spouse or partner cannot have lived in a residential property which you owned from 1 July 2000.
You or your spouse, partner or co-purchaser may not have claimed the grant previously.
You need to live in the home for a continuous period of at least 6 months.
To further assist you into your first home, the WA government provides exemptions and concessions when purchasing new and existing new homes valued at less than $530,000 and vacant land less than $400,000.
If you’d like to know more about the FHOG eligibility criteria, stamp duty concessions, or applying for a home loan, please do give us a call on 9535 2444