In Perth there has never been a better time for first home buyers with interest rates at the lowest levels experienced in a generation. No wonder so many West Australians, both city-based and Regional WA, are looking to either buy or build their first homes. Making it even more attractive for home buyers is the First Home Owner Grant (FHOG), which is a one- off payment from the government to help first home buyers onto the property ladder in WA.
Government incentives can be confusing at times so we have put together the following lists of things you need to know about the First Home Owner Grant in WA.
In order for home buyers to be eligible for the FHOG, they must meet all of the following criteria:
– An applicant must be a person (i.e. not a company) and be 18 years or over
– If you are applying as a couple, at least one applicant must be an Australian citizen or a permanent resident
– Applicants and/or their partners cannot have previously received the FHOG
– Applicants and/or their partners cannot have previously owned a home anywhere in Australia prior to 1 July 2000.
– Applicants must live in the home for a continuous period of at least six months commencing within 12 months of settlement if purchasing an established home, or within 12 months from the date of completion if building a new home.
– Applicants must own the land on which the home is situated.
– The applicant must enter into a contract to buy or build on or after 1 July 2000.
To see the complete list of eligibility requirements, click here.
How much is the FHOG?
The First Home Owners Grant is only available for first home owners looking to purchase or build a new home, the government no longer provides the allowance to established homes as of October 2015. For first home buyers that meet the eligibility criteria, the FHOG is $10,000.
Exemptions to the rules
As highlighted in the eligibility criteria above, once first time home owners have moved in and started living in the home, they must live in the home as the principal place of residence for a continuous period of at least six months. For home owners that cannot satisfy the requirement, they must notify the Commissioner and be able to justify reasons for being unable to satisfy the residence requirements.
Are you looking for more information about the First Home Owners Grant? At No Savings our goal is to open the door to home ownership for as many West Australians as we can and we can help you to take advantage of Government concessions that are available. Contact us today for more information.