If you are thinking about purchasing your first home, you are most likely eligible for something called a ‘grant’. This a term used to refer to government assistance, and is available to those seeking to purchase their first property, provided candidates meet the selection criteria.
In Western Australia, first home buyers have the opportunity to receive a $10,000 grant for the purchase or building of a new home and $3,000 grant for purchasing an established home, terms and conditions apply.
Also, First time buyers may also be eligible for The Home Buyers Assistance Account – a grant of up to $2,000 for expenses of buying an established or partially built home valued up to $400,000, this can only be acquired through a licensed real estate agent.
Here are some basic points to consider before you start the application process:
- Are a permanent resident or citizen of Australia?
- Have never received the grant or owned residential property
- Are the minimum age set by WA
- Are buying a new or established home as an individual and not a company or trust.
- Are applying for the grant within 12 months of settlement.
Knowing your options and figuring out the best solution to your needs is vital in getting the most out of your situation!
For more advice on your financial options please contact us today!