First Home Buyers Grant: How Much Can You Get?

The $10,000 First Home Buyers Grant is a boon to citizens of Western Australia looking to build or purchase new homes. Provided that you meet the eligibility requirements, you can benefit from this program. For those looking to build a new home, a $10,000 grant is available.

Anybody who would be eligible to receive the grant should take advantage of it, especially since assets and income will not be evaluated to qualify. However, there is a grant cap that you need to learn about as a home buyer. The home value of your property must not exceed $750,000 south of the 26th parallel and any home north of that property must not be worth more than $1,000,000.
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First Home Buyers Grant 101: Residence Requirement

The most basic eligibility criteria to get a First Home Owners Grant or FHOG are pretty simple. You need to be an Australian citizen or permanent resident buying or building a new residential property (the grant for established homes has recently been scraped off the WA budget) for the first time.

Beyond these eligibility points, you need to satisfy some requirements to receive the grant successfully, and one of these necessities involve residing in the property that you will be building. According to the Office of State Revenue, “Each applicant must occupy the home being purchased or built as their principal place of residence for a continuous period of at least six months, commencing within twelve months of completion of the eligible transaction.”

What Does This Mean?

In simple terms, you should have the intention to live in the house you’re purchasing and realise those plans within a year after construction is finished. The house should be your principal residence, which can be determined by several factors, such as sleeping, eating, entertaining guests, and using basic utilities in the property.

A Rundown on First Home Owners Grant

The Government of Western Australia started offering the First Home Owner Grant (FHOG) back in 2000 to help eligible first home buyers make their dreams of owning a piece of real estate a reality. Designed to compensate for the impact of fluctuating house prices, first-time home buyers can qualify for a $10,000 payment which they can then use to pay for or build a new home. Moreover, the grant will not affect homebuyers’ eligibility for other forms of government assistance. Continue reading

The Perks of Living in Perth

According to Numbeo, the world’s largest database about cities and countries, Perth, WA ranks first among the most expensive cities to live in Australia. It surpassed more popular cities like Canberra, Sydney, and Melbourne. The rating is said to be based on commodities, transportation, and utilities.

However, the living costs translate to a high-quality of life. This coastal city boasts of magnificent world-class natural attractions fit for nature junkies. Aside from its famous beaches, this region also houses exquisite wineries that attract many connoisseurs and food enthusiasts. Among the factors for its strong economy are its large refineries and mineral deposits, paving the way for stable employment opportunities. With all of these perks, who wouldn’t want to live here?

However, some residents and outsiders have complained about house prices. In the past, houses in Perth were more affordable than those in other big cities in Australia, but that changed in 2006. During this year, prices went up, and some people felt its effects. From the $260,000 difference, it went down to only $160,000.

Fortunately, with this year government’s mandatory fixed interest rates, buying a house is now more affordable than ever. Banks welcome more loan applications, allowing those planning to buy a home more opportunities to do so.

Most house builders now offer promos such as grants amounting to much as $10,000 for first home owners. A good bargain, isn’t it? So don’t hold yourself back anymore. Today might be your lucky day!