Changes to First Home Owner Grant
Changes to First Home Owner Grant
Posted on Wednesday, September 25 2013 at 4:44 PM
First homebuyers of established property in Western Australia now have to fork out extra cash, with the First Home Owner Grant now reduced from $7000 to $3000.
However,
those who opt to purchase new or off-the-plan property are now entitled to a
grant of $10,000.
Treasurer
Troy Buswell says the changes are part of the government’s commitment to
increase housing stock in Western Australia.
“These
important changes not only reflect sound policy to increase our overall housing
supply, but the decision will also help create jobs in the housing sector,”
Buswell says.
“Increasing
the grant for new homes will provide first homebuyers with greater incentive to
buy or build a new dwelling rather than purchase an established home. This will
help alleviate the pressure placed on existing housing stock by the state’s
high population growth and drive jobs growth.”
First
homebuyers will continue to be exempt from stamp duty on new and established
home purchases up to $500,000, saving up to $17,765.
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