First Home Buyers – Secure up to $12,000

The Australian Government is trying to make it easier for first home buyers to get into their own homes. The First Home Owners Grant (FHOG) and the Home Buyers Assistance Account (HBAA) collectively allow first-time buyers to secure up to $12,000 towards their first home. The grants can be used in conjunction with the HomeBuilder Scheme and the WA Home Construction Grant allowing applicants to secure an additional $45,000.

First Home Owners Grant (FHOG)

The First Home Owners Grant (FHOG) is a once-off payment to assist first home buyers to get into their own home. Eligible Australians can receive up to $10,000 to buy or build their first home. The FHOG can be used in conjunction with the new grants, as well as with the stamp duty concessions.

Eligibility for the First Home Owners Grant:

Applicant must be an Australian citizen
Aged 18 years or older
Applicant must not have previously applied for the grant
The building of new properties or purchasing off-the-plan. In other words, established/off-the-plan properties are not eligible for the grant
The property value must be under $420,000

To be eligible for the FHOG, the property must be occupied as the applicant’s principal place of residence. Therefore, the applicant must reside at the property for at least 6 months commencing within 12 months of settlement or completion of the build. For a full list of conditions for the grant, please visit the WA Government website.

Home Buyers Assistance Account (HBAA) – up to $2,000

The Home Buyers Assistance Account is a $2,000 rebate available only to first home buyers. The HBAA is the reimbursement of settlement fees and legal costs involved with the purchase of such property.

Eligibility for the Home Buyers Assistance Account Grant:

Applicant must be an Australian citizen
Aged 18 years or older
Only available for first home buyers
The value of the property must be under $400,000
A licensed real estate agent should assist in the purchase of the property
A lending institution should assist in securing the finance for the purchase
The dwelling must be established (or partially built) at the time of acceptance of the contract to purchase. A plan to build a dwelling will not be accepted.
Lodgement of applications should take place within the first 90 days after settlement of the contract to purchase

Similar to the First Home Owners Grant, the property must be occupied as the applicant’s principal place of residence. However, in this case, the applicant must reside at the property for at least 12 months. During this time the dwelling cannot be rented out.

Get in touch with our Mortgage Team

To find out if you are eligible for one or more of the current Government grants, please contact your Pacific Finance Broker via info@pacificfinance.com.au or give us a call on (08) 9321 2120. To make it easier to understand all the Housing Grants currently available, the Pacific Team has consolidated the latest Federal and State Housing Grants into an eBook.