The First Home Owner Grant (FHOG) is a state government initiative that was introduced to help first homebuyers fulfil the dream of moving into their own homes sooner by easing the costs associated with buying real estate. Western Australia offers eligible homebuyers with a one-off grant of up to $10,000, which can come in handy when saving for your home deposit. But what makes this scheme even better is that there are no hidden charges or pesky interest associated with it. It is just some free funding – not a short-term loan – from the government that you can put towards your first home purchase.
Are you eligible?
To be eligible for the First Home Owner Grant in Western Australia, you must meet the following criteria:
· You need to be a natural person. In other words, you will not be able to claim a grant if you purchase the property through a company or trust.
· You need to be at least 18 years of age or older at the time of applying for the grant. That being said, if you are under 18, you may still be able to apply for an exemption from the age requirement.
· You must buy or build a new property for use as your principal place of residence. While the grant available if you are purchasing an apartment, you may not be able to use the grand if you are buying a house that has been occupied before or even a commercial property.
· Buying your first home as a couple? Well, you will still only be eligible for one grant payment!
· If you are buying with someone (a co-applicant), at least one of you must be an Australian citizen or a permanent resident at the time of submitting your application.
· None of the applicants should have previously received the First Home Owner Grant from any jurisdiction in Australia.
· All the applicants must move into the new home within 12 months of settlement (if buying a new home) and 12 months from the date of completion (if building a new home).
· After moving in, all the applicants must occupy the home as the primary residence for no less than six consecutive months.
Strict rules also apply to any property you may previously have owned. You will not be eligible for the grant if:
· Any of the applicants have previously owned a residential property in Australia before 1 July 2000.
· Any of the applicants have previously owned a residential property in Australia before 1 July 2000 and occupied that property as a place of residence before 1 July 2004.
· Any of the applicants have previously owned a residential property in Australia before 1 July 2000 and occupied that property as a place of residence for a continuous period of at least six months that began on or after 1 July 2004.
The Value of Your Home
Depending on where the property is located in Western Australia, there are limits on what you can pay for your first home to be eligible for the First Home Owner Grant. If the property is located south of the 26th parallel (which covers all Perth metropolitan areas), the cap amount is $750,000, including the value of the land plus buildings. On the other hand, if the property is located north of the 26th parallel, the cap amount is $1 million.
How to Apply?
You can apply for the First Home Owner Grant once a contract to purchase or build a home has been signed. Keep in mind that you must apply within 12 months of completion of the eligible transaction. To apply, you need to fill out the application form with supporting evidence –your proof of identity documents and the copy of the contract to purchase or build. Once you have ensured that the information provided is correct, you can submit your application to your approved agent or the Office of State Revenue (OSR).
Located in the heart of the beautiful suburb of Shelley, Tribute Apartments offer an affordable opportunity to purchase under the Western Australia First Home Owner Grant. What’s more, there are also stamp duty transfer fee concessions applicable! So, if you’re a first time buyer, don’t miss out on your chance to save on these stunning apartments in Perth – talk to us today!
