Speaking with a few buyers recently, there appears to be some confusion about the recently announced Federal & State housing grants. After doing some of my own research I have summarised the main incentives available to buyers currently, however it is always important to do your own due diligence on the terms & conditions and eligibility.
$25,000 Federal Government ‘Home Builder’ Package
Only for building a new home or substantially renovating an existing home.
An income means test is required ($125K individual, $200K couple).
Must be Australian citizen.
Valid between June 4th – December 31st 2020.
$20,000 State Government ‘Building Bonus’ Package
Valid for both owner/occupiers and investors who either construct a new home or purchases off-the-plan before development is completed.
No means test required.
Available to Australians and foreigners (no need to live in W.A)
Cannot be used for mixed use, commercial or short stay properties.
$10,000 FHOG (First Home Owner Grant)
Pre-existing grant available to first home buyers only on a new build or off-the-plan purchase.
FHOG Stamp Duty Exemption
For first home buyers, properties valued at less than $430,000 there is no stamp duty payable. First home buyers purchasing a home valued between $430,001 and $530,000 receive a discount rate.
First Home Buyer Assistance Account
First home buyers in W.A may be eligible for a grant for up to $2,000 to reimburse some of the costs associating with purchasing a first home (settlement fees etc).
Home must be established or partially built.
Max purchase price must be $400,000.
Feel free to contact me anytime to chat about anything real estate related! Dan Sharp
firstname.lastname@example.org +61 412 832 945