WA first homebuyers can still access grant
2015-05-26The 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.
“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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