First Home Owner Grant WA

Purchasing your first home can be an exciting and also daunting experience, especially when it comes to saving for a deposit. If you’re looking to purchase in Western Australia, then the good news is you could be eligible for some assistance from the government in the form of the First Home Owners Grant WA.

The first home buyers grant WA could provide the boost you need to get on the property ladder sooner.

WA first home buyer grants and other support: What’s available?

The First Home Owner Grant WA is a one-off payment designed to help first home buyers in Western Australia buy or build a new home to live in. It’s payable per home, so you can only receive one payment regardless of whether you’re buying solo or as part of a couple.

How much is the WA First Home Owner Grant?

The First Home Owner Grant WA is worth $10,000 but it’s only available if you buy or build a brand-new home, which can be a house, townhouse or apartment.

You may be entitled to the First Home Owner Grant WA if you buy an established home that has undergone significant renovations. But the rules here are strict. All or most of the rooms in the building must have been renovated with major structural work in order for the home to qualify, according to the WA Government.

Price limits also apply to the value of your home, though these vary depending on where you buy.

If your first home is located south of the 26th parallel – this includes all Perth Metro areas – the First Home Owner Grant WA can be available if the total value of the land and building is $750,000 or less.

If you buy north of the 26th parallel (which is located at Shark Bay on the coast and cuts through the state horizontally), the value of the land and building you buy can be up to $1 million.

First Home Owner Grant WA eligibility

The First Home Owner Grant in WA doesn’t just set limits on how much you pay for your first home. Eligibility also involves meeting several other conditions, the state government explains. For example, you and each other applicant:

• must be at least 18 years old, and
• must be a permanent resident or Australian citizen, and
• must not have owned a home previously in Australia that you have lived in yourself for at least six months.

How to apply for the First Home Owner Grant WA

If you are taking out a home loan to buy your first home in WA, your lender or mortgage broker can manage your application for the First Home Owner Grant WA.

According to the WA Government, this could see you receive the Grant sooner than if you apply directly via the RevenueWA website.

Are first home buyers in WA exempt from stamp duty?

The First Home Owner Grant WA isn’t the only helping hand you may be eligible for. You may also be entitled to valuable savings on stamp duty, according to the state government. Unlike the First Home Owner Grant, you may be eligible for an exemption or reduced rate of stamp duty as a first home buyer even if you’re buying an established home rather than buying or building a new one. Here’s how it works out.

If you buy vacant land

If you buy a block of land to build on, you can pay zero stamp duty if the land is valued below $300,000. If the lot is valued between $300,000 and $400,000, you can still be eligible for savings on duty.

If you buy a home and land

If you buy a home on land, stamp duty can be waived altogether if the total value of the property (home plus land) is below $430,000. Savings on duty can still be available if your home is valued between $430,000 and $530,000.

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