WA first homebuyers can still access grant
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WA first homebuyers can still access grant
Posted on Friday, May 22 2015 at 2:14 PM
The president of the Real Estate Institute of Western Australia (REIWA), David Airey, is reminding first homebuyers that the $3000 grant for established homes is still in place for a short time and hasn’t been abolished yet.
In last week’s WA Budget, the Treasurer announced that the $3000 First
Home Owners Grant (FHOG) would be axed from established homes, but this
announcement has confused potential buyers.
“While the $3000 FHOG will be abolished, this won’t happen until the
necessary legislation passes through the parliament,” Airey says.
The government cannot give a specific time but has indicated it will be
in the second half of this year.
“Eligible first homebuyers who purchase an established home prior to the
legislation receiving Royal Ascent will be able to receive the grant even if
settlement is after this date,” Airey says.
“This means that potential first homebuyers who are keen to buy an
established home and enter the market over the next few weeks will still be
able to access the grant for a while longer, and they should talk to their
selling agent about this.”
Airey says it’s also important to note that the stamp duty exemption for
first homebuyers will remain in place regardless of other changes.
“Despite the changes to the FHOG, entry-level buyers still don’t have to
pay any stamp duty for homes up to $430,000. This helps greatly with affordability
and saves many first homebuyers around $14,000.”
Airey also reminds first homebuyers about the Department of Commerce’s
Home Buyers Assistance Account (HBAA).
“Many first homebuyers on modest and fixed incomes may find they’re eligible
for the HBAA. This means if they buy an established home through a licensed
real estate agent they can receive up to $2000 to help with incidental
expenses.
“This can include such things as a building inspection, termite
inspection, the settlement agent’s fee and mortgage insurance,” Airey says.
The $10,000 FHOG for new constructions will remain. Only established
homes will lose access to the FHOG.
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