What Grants are Available for First Home Buyers in WA?
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Buying your first home is an exciting yet daunting prospect. The process can be complex, especially when it comes to understanding the financial aspects. However, if you’re a first home buyer in Western Australia (WA), there are several grants and concessions that can make the journey to homeownership more affordable. This blog post will explore these grants, focusing on the First Home Owner Grant (FHOG) in WA. We’ll also discuss how Lime Mortgage Brokers Perth, a leading home loan broker and mortgage broker, can assist you in navigating this process.
First Home Owner Grant (FHOG) in WA
The First Home Owner Grant (FHOG) is a one-off payment established by the WA Government to assist eligible first home buyers with the costs of purchasing or constructing a new residential property. As of July 1st, 2000, this grant has been available to those who meet specific eligibility criteria.
Currently, the FHOG provides $10,000 towards buying or building a new home valued up to $750,000 south of the 26th parallel (which roughly bisects the state), or up to $1 million north of it. It’s important to note that this grant is not available for purchasing established homes.
Eligibility Criteria for FHOG
To qualify for the FHOG in WA, applicants must meet several criteria:
- At least one applicant must be an Australian citizen or permanent resident.
- Applicants must be at least 18 years old.
- Neither applicant should have previously received an FHOG from any Australian state or territory.
- Neither applicant should have owned residential property anywhere in Australia before July 1st, 2000.
- Applicants must live in the home as their principal place of residence for at least six months within the first twelve months after completion of the transaction.
Other Concessions for First Home Buyers
In addition to the FHOG, first home buyers in WA may also be eligible for stamp duty concessions. The First Home Owner Rate (FHOR) of duty is a concessional rate of transfer duty that applies to a dutiable transaction that involves a ‘home’ or ‘vacant land’ on which a home will be built. This concession can significantly reduce the amount of stamp duty payable, making it more affordable for first home buyers to enter the property market.
How Lime Mortgage Brokers Perth Can Help
Navigating the world of home loans and grants can be overwhelming, especially for first-time buyers. This is where mortgage brokers in Perth like Lime Mortgage Brokers Perth come in. As an experienced home loan broker and mortgage broker, we are committed to helping you understand and access the grants available to you.
Our team will guide you through the application process for the FHOG and other concessions, ensuring you meet all eligibility requirements. We’ll also help you understand how these grants can affect your overall financial plan and mortgage repayments.
Moreover, we provide expert advice on various loan products from different lenders, helping you secure a mortgage that suits your needs and financial circumstances. Our goal is to make your journey towards homeownership as smooth and stress-free as possible.
Conclusion
Purchasing your first home is a significant milestone, but it doesn’t have to be a daunting one. With government grants like the First Home Owner Grant (FHOG) in WA and stamp duty concessions, along with expert guidance from Lime Mortgage Brokers Perth, achieving your dream of homeownership can become a reality.
Remember that every individual’s situation is unique; therefore, it’s crucial to seek professional advice tailored to your circumstances. Contact us today at Lime Mortgage Brokers Perth – your trusted home loan broker and mortgage broker – to start your homeownership journey on the right foot.
