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Important Changes to the First Home Owners Grant
Please be aware that the First Home Owner Grant of up to $3,000 for the purchase of established homes in Western Australia has been removed as of 03 October 2015.
The first home owner grant (FHOG) is a one-off grant payable to first home owners that satisfy all the eligibility criteria.
The 2015-16 State Budget included a measure to abolish the FHOG of up to $3,000 for the purchase of established homes.
This change will apply to contracts for the purchase of an established home entered into on or after 3 October 2015. First home owners who entered into a contract to purchase an existing home before that date will still be able to apply for and receive the FHOG and related first home owner rate of duty for a period of 12 months after completion of the eligible contract.
On or after 3 October 2015, purchasers of established homes will still be able to apply for the first home owner rate of duty if the value of the home is below the current threshold of $530,000.
The FHOG of up to $10,000 for ‘new’ homes will remain unchanged.
More information is available from the Department of Finance, Government of Western Australia here.
First Home Owner Rate of Transfer Duty
A person who qualifies for a FHOG, or a person who would qualify for a FHOG had the transaction been an eligible transaction, or is an Indian Ocean Territory resident, may be entitled to a FHOR of duty on the transfer, or agreement to transfer (i.e. the contract for sale), in respect of the acquisition of the home or vacant land.
To discuss your specific lending alternatives, please call our Loan Specialists Paul Tate at 0409 200 082 or Paul Moran at 0434 096 336 to arrange an obligation-free appraisal.
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