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7. January 2020 18:30

By attreerealestate


Information on government financial assistance for first home buyers

A grant from the Home Buyers Assistance Account reimburses some of the incidental expenses incurred in connection with the purchase of a first home in Western Australia, provided the applicants meet all criteria. Eligible applicants receive a grant of up to $2,000.

The grant can be used to reimburse some incidental expenses including?mortgage registration fees, solicitor and/or conveyancing fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with the purchase of your first home.

The scheme is funded from interest paid on real estate agents’ trust accounts.

Eligibility criteria

  • The price of the dwelling must be within the?maximum price limit?for dwellings purchased in Western Australia. The price limit relates to the total price of the dwelling and not the percentage of the applicant’s purchase. The current prescribed limit is $400,000.
  • The applicant(s)?must not own or have previously owned?a dwelling in Western Australia. If one of the applicants owns or has owned a dwelling in Western Australia, then a partial grant may be made to the first home buyer applicant(s) equal to the percentage of their interest in the dwelling (provided all other criteria are satisfied).
  • The dwelling must have been purchased through a?licensed real estate agency?carrying on business in Western Australia.
  • The dwelling purchased must be financed by a?lending institution?which is also required to lodge the application on behalf of the applicant.
  • The dwelling must be?established or partially built?at the time of acceptance of the contract to purchase, not a plan to build a dwelling.
  • The dwelling purchased must be the applicant(s)?principal place of residence.
  • The applicant(s) intends to?live in the home?for at least the first 12 months (the home cannot be rented out during this time). If there is an existing fixed term tenancy agreement in place at the time of purchasing the dwelling, the tenancy agreement must finish within six months from the settlement date and the applicant(s) have to intend to live in the premises for at least 12 months after the expiry of the tenancy agreement. The existing tenancy agreement cannot be extended or a new lease agreement put in place. In the case of an existing periodic tenancy agreement, required written notice has to be given by the lessor. Please refer to our page?Lessor?ending a tenancy.
  • The application should be lodged?no more than 90 days?after the date of settlement of the contract to purchase. In exceptional circumstances a late lodgement may be allowed if reasonable grounds exist to justify it.

How to apply

You must complete the?application form?and follow the instructions on the application form. If you have any further queries, call the Consumer Protection Advice Line on 1300 304 054.

The State?Government’s First Home Owner?Grant and First Home Owner Rate of Duty

In addition to?the Home Buyers Assistance Account, first home owners may also be eligible for the State?Government’s?First Home Owner Grant?and/or concessional?First Home Owner Rate of Duty. The grant and concessional rate of duty are administered by the?Office of State Revenue. For further information, contact the?Department of Finance?on (08)9262 1299 or 1300 363 211 (WA country callers only).

SOURCE: www.commerce.wa.gov.au/


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