If you're a home buyer or a prospective homeowner in Western Australia, you'll be pleased to know that the government offers various incentives to support you in your journey.
In this article, we'll delve into the details of these grants and bonuses, including how much you can receive, who is eligible, and whether they are still available. That way you can take them into consideration when budgeting for your new home build. So, let's get started!
First Home Owner Grant (FHOG)
The First Home Owner Grant, or FHOG, is an invaluable resource for first-time home buyers in Western Australia. This grant aims to make homeownership more accessible and affordable.
If you meet the eligibility criteria, you may be eligible to receive a one-time grant toward the purchase or construction of a new home.
The grant amount and availability may vary, so it's essential to check the latest updates from the Western Australian government.
Rest assured, this grant can potentially provide a significant boost towards fulfilling your dream of owning a home.
Keystart Home Loans
Keystart Home Loans is another fantastic initiative designed to help individuals with low to moderate incomes access affordable housing options.
If you fall into this income bracket, Keystart offers a lifeline by providing low-deposit home loans. This means you can take the first step towards homeownership with a smaller deposit than what is typically required.
To determine your eligibility and learn about any recent changes to the program, it's advisable to reach out to the relevant authorities.
Keystart Home Loans can be an excellent opportunity for those looking to enter the housing market without a substantial deposit.
First Home Loan Deposit Scheme (FHLDS)
The First Home Loan Deposit Scheme, or FHLDS, is a federal government initiative that assists first-home buyers in purchasing a property with a smaller deposit.
Under this scheme, eligible buyers can secure a loan with as little as a 5% deposit, without having to pay lenders mortgage insurance (LMI).
To participate in the FHLDS, certain eligibility criteria must be met. Some of these include:
- Must be a first-home buyer
- Can be a new or existing home
- Single and couple applicants
- Maximum purchase price applies
It's crucial to stay up to date with the latest information and any changes that may have occurred.
The FHLDS provides an excellent opportunity for first-time buyers to enter the property market more easily.
Off-the-plan Duty Rebate
For those interested in purchasing off-the-plan properties, Western Australia offers an Off-the-plan Duty Rebate program.
This rebate provides a partial duty rebate on the purchase price of the property or land.
By taking advantage of this program, you can potentially save a significant amount on your property transaction costs.
To determine your eligibility and understand the current availability of the Off-the-plan Duty Rebate visit the WA Government website here.
This program can be a valuable incentive for buyers seeking off-the-plan properties.
Residential Builder Bonus
If you're considering building your dream home on vacant land in Western Australia, the Residential Builder Bonus is worth exploring.
Introduced to stimulate the residential construction industry, this grant provides financial support to eligible applicants who enter into a contract to build a new home.
To learn more about the eligibility requirements and the current grant amount, it's essential to gather the most recent information from the WA government website here.
The Residential Builder Bonus can significantly contribute to making your dream home a reality.
Regional Housing Assistance Program
The Regional Housing Assistance Program is designed to offer financial assistance to individuals or families seeking to buy or build a home in regional Western Australia.
This program recognises the importance of supporting regional housing development and can be a valuable resource for those looking to settle outside metropolitan areas.
To determine your eligibility and explore the financial assistance available through this program visit the housing page of the WA Government website.
What you need to know
Building grants and bonuses in Western Australia present exciting opportunities for home buyers and those aspiring to become homeowners.
Whether you're a first-time buyer, a low to moderate-income earner, or interested in regional housing, the government has implemented these programs to provide support and make homeownership more accessible.
Remember, it's essential to stay informed about the latest updates and eligibility criteria for these grants and bonuses.
To ensure accurate information, refer to official government sources and reach out to the relevant authorities.
By leveraging these incentives, you can take significant strides towards fulfilling your homeownership dreams.
Good luck on your journey to owning a home in Western Australia!