Are you dreaming of owning your first home in Western Australia? Good on you! It’s an exciting journey, and there’s some valuable assistance available to help make your dream a reality. At Beyond Broking, we specialise in first home buyer loans and buyers through the process. In this blog, we’ll cover everything you need to know about the First Home Owner Grant (FHOG) in Western Australia including eligibility criteria, grant amounts, stamp duty exemptions and other schemes available to assist you in your home-buying journey.

Understanding The Eligibility Criteria

To be eligible for the FHOG in WA, you must meet certain criteria:

Buying an Established Home

If you’re looking to purchase an established home, you won’t be eligible for the FHOG in WA. However, you may still benefit from stamp duty savings based on the property’s value:

• No stamp duty is payable for homes valued below $430,000
• For properties valued between $430,000 and $530,000, a concessional rate applies
• Above $530,000, full stamp duty is payable

Buying a House and Land Package, Vacant Land or Off The Plan

If you’re in the market for an established home in Western Australia, it’s important to note that you won’t be eligible for the FHOG. This grant is exclusively available when building a new home, purchasing vacant land, or buying off the plan. So, if your heart is set on a brand-new home that is yet to be lived in, the FHOG is here to support your dream.

If you’re interested in a new build, off-the-plan purchase, or vacant land, you can still benefit thanks to a variety of stamp duty exemptions you could be eligible for, even if the FHOG isn’t applicable to your situation.

Stamp Duty Exemptions

For first home buyers in Western Australia, there’s more good news on the horizon. Besides the First Home Owner Grant (FHOG), there are a range of stamp duty exemptions available, providing additional financial relief as you embark on your homeownership journey.

• No stamp duty is payable for vacant land purchases under $300,000.
• Reduced stamp duty rates apply for land purchases between $300,000 and $400,000.
• No stamp duty is payable for home purchases up to $430,000.
• Reduced stamp duty rates apply for homes between $430,000 and $530,000

This can translate to substantial savings compared to what other buyers would pay. Our team can help you learn whether you are eligible for any stamp duty exemptions. Connect with us here.

How to Apply for the First Home Owner Grant WA

Applying for the FHOG in WA is straightforward and our experts at Beyond Broking can assist you with the process. Here’s how to get started:

• Connect with your local broker at Beyond Broking
• We will chat to you regarding your situation and property goals
• If eligible, we will then handle the entire application process for you, so you can enjoy a stress-free home buying journey

Apply for the First Home Owners Grant here.

Additional Schemes for First Home Buyers

Apart from the FHOG, there are other schemes to help first home buyers in WA. One of these is the Home Buyers Assistance Account, which provides eligible first home buyers with a reimbursement of expenses related to the home buying process, such as solicitor fees, valuation fees, inspection fees, and more. To be eligible, your first home should cost $400,000 or less and be purchased through a licensed real estate agent in WA. This scheme applies to homes that are built or partly built.

First Home Guarantee

First home buyers in WA have even more opportunities with the First Home Guarantee Scheme. You can secure a home loan with only a 5% deposit, thanks to this government initiative. There are 35,000 spots available in the 2023/24 financial year, which is fantastic news for those looking to step onto the property ladder.

To be eligible for the First Home Guarantee, home buyers must be:

• Applying as an individual or 2 joint applicants
• An Australian citizen(s) or permanent resident(s)* at the time they enter the loan
• At least 18 years of age
• Earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
• Intending to be owner-occupiers of the purchased property
• First home buyers or previous homeowners who haven’t owned a property in Australia in the past ten years

Owning your first home is an achievable dream, and Western Australia offers several avenues of assistance to make it a reality. The FHOG, stamp duty exemptions, the Home Buyers Assistance Account, and the First Home Guarantee Scheme are all there to support you on your journey.

If you’re ready to take the first step towards your dream home, get in touch with our team at Beyond Broking. We’re here to help you navigate the complexities of home buying and make the process as smooth as possible.