Buying your first home in Western Australia? Perth buyers can expect to spend around $588,000 on a median home according to Property Update.
The sunny state ranks among the most affordable of Australian states and territories for home buyers as prices increase nationally.
However, getting into the property market can be a challenge for first-time buyers. The Western Australian government offers a range of grants and concessions to encourage ownership for first home buyers.
Western Australia first home owner grants and concessions include the following:
A once-off $10,000 First Home Owners Grant (FHOG) is available to eligible WA first home buyers buying or building a new home.
Your property’s value cannot exceed $750,000 if located south of the 26th parallel, which covers most of the Perth metropolitan area. Homes located north of the 26th parallel (Shark Bay) have a value cap of $1 million.
You may receive the FHOG if buying vacant land to build and occupy a residential property on the land.
To be eligible for FHOG in WA, applicants must meet the following criteria:
A UNO broker can help assess your eligibility for the Western Australian first home owners grant.
Introduced in 2001, FHOG is a scheme co-funded by state and federal governments designed to encourage home ownership for first home buyers.
Eligible first buyers in WA receive stamp duty exemptions on homes and land valued under $430,000 and concessional duty rates for property valued $430,000-530,000.
For vacant land, no duty is payable if its value is under $300,000. A stamp duty discount applies to vacant land valued $300,000-400,000.
Eligibility for first home owner rate of duty is based on the above FHOG criteria. However, eligible transactions include existing homes, unlike the first home owners grant.
These discounts and rates are administered as the WA first home owner rate of duty (FHOR) which were first introduced in 2008 and have recently been amended to reflect increasing house prices.
Keystart Finance is a state government lender who provide home loans to Western Australians, particularly by providing buyers with flexible loan options.
Keystart offer low (2%+) home loans and lender’s mortgage insurance (LMI) waivers to eligible buyers. Some of their products include the following:
They are a transitional lender who encourage buyers to enter the market and refinance with another lender when they can.
UNO has access to Keystart Finance and more than 20 other lenders. Contact a UNO broker today to explore your options.
UNO Brokers are available night and day for a quick review or your situation and bring expertise that will support better decision making that will save you time and money. Book in a quick call when it suits your busy schedule
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