First Home Owners
There is a lot of assistance available to first home owners. I have compiled some useful information for you and your clients.
Is your client a first home owner?
The WA State Government has put in place some measures to make home ownership more achievable for eligible first home owners. The assistance comes in the form of the First Home Buyers Grant and the First Home Owner Rate. If you are unsure about your client’s eligibility then be sure to speak with one of my brokers and they can talk you or your client through the process.
First Home Buyers Grant
In WA, eligible first home buyers can access the First Home Buyers Grant of $7,000. This grant is available for properties with a purchase price of up to $750,000 below the 26th parallel and up to $1,000,000 above the 26th parallel. The First Home Buyers Grant is a one-off payment made to first home owners who meet the eligibility criteria. Your client can choose to use the grant in any way but they should consult with a broker or financial planner who can discuss ways that they can maximise the grant’s usefulness.
First Home Owner Rate
Many first home buyers who are eligible for the FHOG may also be able to claim the First Home Owner Rate. This offers concession on the stamp duty payable when purchasing a property. First home owners in WA do not pay stamp duty on properties up to the value of $500,000 and properties valued between $500,000 and $600,000 attract a concessional rate.
Next step?
Applying for the grants is easy! We can submit the application on your client’s behalf or can facilitate the application process through their lender. This information is provided as a guide for first home owners but please be sure to chat with one of the FinanceCorp brokers and they can guide your client through this process.
So if you have any first home owners that are needing some help and guidance, remember the team at FinanceCorp is here to make their life easy. Simply get them to call our office on 9417 5550 to make an appointment with one of our friendly and professional brokers today. Remember that your normal referral fee applies to all mortgages.
