First home owners grant Western Australia and other schemes

First home owners grant Western Australia: everything you need to know about buying your first home in WA.

Buying your first home in Western Australia? Perth buyers can expect to spend around $588,000 on a median home according to Property Update.

The sunny state ranks among the most affordable of Australian states and territories for home buyers as prices increase nationally.

However, getting into the property market can be a challenge for first-time buyers. The Western Australian government offers a range of grants and concessions to encourage ownership for first home buyers.

Western Australia first home owner grants and concessions include the following:

• A $10,000 first home owners grant on the purchase of a new home (or land) under the value of $750,000.
• No stamp duty when buying your first home valued under $430,000.
• Concessional stamp duty rates on homes valued $430,000-530,000.
• Loan options for first buyers through state-backed lender Keystart
• Access to federal first home schemes like FHSS and First Home Guarantee

Western Australia First Home Owners Grant (FHOG)

A once-off $10,000 First Home Owners Grant (FHOG) is available to eligible WA first home buyers buying or building a new home.

Your property’s value cannot exceed $750,000 if located south of the 26th parallel, which covers most of the Perth metropolitan area. Homes located north of the 26th parallel (Shark Bay) have a value cap of $1 million.

You may receive the FHOG if buying vacant land to build and occupy a residential property on the land.

To be eligible for FHOG in WA, applicants must meet the following criteria:

• Be an Australian citizen or permanent resident aged 18 and above.
• Be a first home buyer who has not previously owned Australian residential property.
• Not have received a first home owners grant in another state or territory.
• Occupy the property as your principal place of residence for at least 6 months, within a year of settlement/construction.

A UNO broker can help assess your eligibility for the Western Australian first home owners grant.

Introduced in 2001, FHOG is a scheme co-funded by state and federal governments designed to encourage home ownership for first home buyers.

WA stamp duty exemption and concessions: first home owner rate of duty

Eligible first buyers in WA receive stamp duty exemptions on homes and land valued under $430,000 and concessional duty rates for property valued $430,000-530,000.

WA first home rate of duty payable on home and land

For vacant land, no duty is payable if its value is under $300,000. A stamp duty discount applies to vacant land valued $300,000-400,000.

Eligibility for first home owner rate of duty is based on the above FHOG criteria. However, eligible transactions include existing homes, unlike the first home owners grant.

These discounts and rates are administered as the WA first home owner rate of duty (FHOR) which were first introduced in 2008 and have recently been amended to reflect increasing house prices.

Low deposit home loans with Keystart Finance

Keystart Finance is a state government lender who provide home loans to Western Australians, particularly by providing buyers with flexible loan options.

Keystart offer low (2%+) home loans and lender’s mortgage insurance (LMI) waivers to eligible buyers. Some of their products include the following:

• Low deposit home loan requiring a 2% deposit and no LMI
• Shared equity/ownership loans
• Rural home loans for farmers and regional business owners
• Loans for diverse groups, including support for Aboriginal and Torres Strait Islander peoples and people with disabilities

They are a transitional lender who encourage buyers to enter the market and refinance with another lender when they can.

UNO has access to Keystart Finance and more than 20 other lenders. Contact a UNO broker today to explore your options.

Buying your first home in Perth: a step-by-step guide

1. Estimate how much you can borrow - UNO’s Borrowing Power Calculator will estimate how much you can borrow, giving you a budget for your property.
2. Secure finance - Talk to a UNO broker who can find you the best deal by comparing rates from over 20 lenders
3. Secure pre-approval - Submit paperwork including payslips and bank statements for pre-approval
4. Find the right property - Start looking for a property within your budget. Take advantage of UNO’s partnership with Abodable offering customers up to $51,000 cash back when purchasing a new home*.
5. Make an offer on your property and settle within 45 days.

Federal first home buyer schemes

• First Home Super Saver Scheme (FHSS) - Use up to $50,000 in voluntary superannuation contributions towards your first home deposit.
• The Home Guarantee Scheme - Government support for individuals, including single parents and rural citizens, to buy a home with a deposit as low as 2-5%.
• First Home Owners Grants - FHOG up to $20,000 are states and territories Australia-wide.