With a number of Government grants and schemes available for homebuyers in Western Australia in 2020, now could be a perfect time to buy your first home, upgrade your current home or purchase an investment property. If you meet the eligibility requirements, the great news is you can actually apply for all the grants listed below. Filling out the application for these grants can be challenging, but we're here to help! We will determine your eligibility and complete the application on your behalf, saving you time - and a headache!
Take a look at the government grants and schemes available now.
HomeBuilder Scheme
HomeBuilder grant provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home.
Eligibility requirements:
You must meet one of the following two income caps:
Individuals: Your annual income is less than $125,000
Couples: Your annual income is less than $200,000
You must enter a building contract between June 4, 2020 and December 31, 2020 to either:
build a new home as a principal place of residence, where the property value does not exceed $750,000
renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, provided that the value of your existing property does not exceed $1.5 million
Building Bonus
A grant of $20,000 is available for eligible applicants who:
enter into a contract to build a new home on vacant land, or;
enter into an off-the-plan contract to purchase a new home as part of a single-tier development on a strata plan or other land survey type.
There is no cap on purchase price or value of the contract.
The contract must be entered into between 4 June 2020 and 31 December 2020.
More information about the grant can be found here.
First Home Owner Grant
The first home owner grant (FHOG) is a one-off payment of $10,000 to encourage and assist first home buyers to buy or build a new residential property for use as their principal place of residence. Only one grant is payable per eligible transaction, so two people purchasing a house together may only receive one grant.
Home Buyers Assistance Scheme
Eligible applicants receive a grant of up to $2,000 to pay for some of the incidental expenses incurred in connection with the purchase of a first home in Western Australia.
The grant can be used to reimburse some incidental expenses including mortgage registration fees, solicitor and/or conveyancing fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with the purchase of your first home. The scheme is funded from interest paid on real estate agents' trust accounts. More information about the Home Buyers Assistance Grant, can be found via this link.
If you're still unsure about your eligibility for any or all of the government grants above, contact us and we'll assess your current situation.
