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.
To be eligible for the FHOG in WA, you must meet certain criteria:
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:
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.
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.
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.
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:
Apply for the First Home Owners Grant here.
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 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:
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.
To be eligible for the FHOG in WA, you must meet several criteria, including: not having owned property in Australia before, at least one applicant being an Australian citizen or permanent resident, residing in the property for a continuous period of at least six months within the first 12 months of settlement, and ensuring that the property's value aligns with the designated thresholds for your location.
While the FHOG can be a valuable financial boost when buying your first home, it's typically not accepted by lenders as a deposit. Lenders usually require a genuine savings deposit to demonstrate your financial capacity. However, the FHOG can help cover additional costs associated with your purchase.
The FHOG in Western Australia is usually paid after the settlement of your property. It's provided as a one-time lump sum payment, helping you with various homeownership expenses, such as moving costs, initial furnishing, or reducing your mortgage.
No, the FHOG is specifically designed to support those purchasing a new home, vacant land, or off-the-plan properties in Western Australia. If you're buying an established home, you won't be eligible for the FHOG. However, you may still benefit from stamp duty savings.
Applying for the FHOG in WA is a straightforward process. You can obtain the necessary application form and guidance from your broker at Beyond Broking. We will assist you in completing the required paperwork and ensure your application meets all the criteria for a successful grant approval. It's a vital step in kickstarting your journey towards homeownership in Western Australia.