Before you buy - Part 2 First Home Buyer Information
Ready to make the dream of owning your first home a reality? As a first home buyer, the process may seem a little daunting and you’re bound to have lots of questions, which is why we’re here to help you! We’ll work together so you understand everything, from what home design you like, to what sort of lifestyle you lead, as well as any other needs you have – to make your home a little more you.
First home buyers grant
Did you know as a first home buyer, when you build you are entitled to the First Home Owners Grant (FHOG) and reduced stamp duty rates? In WA the FHOG is $10,000 for eligible first home owners, which may be used as a part of the deposit for your new home. You may qualify for the FHOG if you:
- Are 18 years or over;
- Are an Australian citizen or permanent resident;
- Are intending to live in the home for a continuous period of at least 6 months within 12 months of settlement;
- Have never owned a residential property in any state or territory in Australia;
- Have never received a First Home Buyers Grant from any State or Territory of Australia; and
- Your total house and land contract value doesn’t exceed $750,000
*T&C’s apply. Speak to a Resolve Finance expert for more.
First Home Guarantee
As part of the WA first home buyer assistance, there is an additional benefit to first home buyers who buy vacant land below $300,000. They will pay $0 on stamp duty which can reduce the costs by thousands of dollars!
There are also Home Loan Guarantee Schemes on offer from the government, where eligible First Homebuyers can enter the market with deposits as low as 2%* and avoid paying Lenders Mortgage Insurance!
FAQs
A complete home and land package option that is designed and built ready to move into.
This would include building a Celebration home that includes floor coverings, window treatments, internal painting, alarm, landscaping, letter box and clothes line.
Please speak to your Building Consultant for more information, email or phone us on 9202 2300 to create a turnkey package.
The First Home Owner Grant (FHOG) is a one off $10,000 payment from the State government that can be used to assist first homebuyers build their first home.
To qualify you must meet the following criteria:
- Be aged 18 years or older
- Be an Australian citizen or permanent resident
- Never have received a FHOG under this scheme before
- Never have owned a residential property anywhere in Australia
- Occupy the home as your primary place of residence for a continuous period of 6 months within 1 year of completion of the FHOG transaction
- First homebuyers that qualify for this grant do not have to repay this payment nor do they have to pay interest on it. Stamp duty on the total house and land package purchase is also waived for first homebuyers. Source: http://www.firsthome.gov.au/
- *T&C’s apply. Speak to a Resolve Finance expert for more.
- Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit Licence No.385487
Stamp duty is a tax you pay to the State Government when you buy a property.
If you’re buying your first home, up to $430,000 for house and land or up to $300,000 for vacant land (as at 3 July 2014), you don’t have to pay any stamp duty as it is waived by the WA State Government.