Grants - What is Available

There is so many options available to home buyers in regards to obtaining a grant when purchasing their new home or investment. With grant options comes loads of information and this information can be a little overwhelming. To help you out, we have compiled some key information for you.

The grants available are:

• Building Bonus grant $20k
• HomeBuilder grant $25k
• First Home Owner grant $10k
• No First Home Owners Stamp Duty
• REBA grant $2k

So let's find out more:

Building Bonus Grant

What is it?

A grant for buyers who enter into a contract to build a new home on vacant land or purchase a new home being constructed under a single-tier development on a strata plan or other land survey type.

How much can I get?

$20,000

What are the guidelines?

- Must enter into a contract by 31 December 2020
- No cap on purchase price or value of the contract

More info here

Home Builder grant

What is it?

A grant for owner occupiers to build a new home, substantially renovate an existing home or purchase a new home off-the-plan.

How much can I get?

$25,000

What are the guidelines?

• Must enter into a contract by 31 December 2020
• Construction must commence within 3 months of the contract date
• No cap on the purchase price or value of the contract
• Renovation contract is between $150k - $750k and value of existing home and land (pre-reno) cannot exceed $1.5m
• Individual must be an Australian citizen aged 18 years or over and a natural person (not a company or trust)
• Meet annual taxable income cap for individual at $125k or $200k for couple
• New build cannot exceed $750k in property value

More info here

First Home Owner grant

What is it?

A one-off payment to assist first home buyers to buy or build a residential property for use as their principal place of residence.

How much can I get?

$10,000

What are the guidelines?

• Must be principle place of residence & occupy for continuous 6 months within first 12 months of ownership
• New homes only
• A home that has been substantially renovated may be considered a new home
• Available for Australian/permanent residents only
• Cannot have owned a home before
• Property value is capped at $750,000

More info here

First Home Owners Stamp Duty Rate

What is it?

Transfer duty or stamp duty is charged on dutiable transactions over land in Western Australia

How much can I get?

No duty payable up to $430,000 and reduced duty up to $530,000

What are the guidelines?

• Must qualify for the FHOG
• Must reside in the property within 12 months of settlement
• Must be an Australia/permanent resident

More info here

Home buyers assistance account REBA grant

What is it?

A grant from the Home Buyers Assistance Account

How much can I get?

$2,000

What are the guidelines?

• Purchase price of property is capped at $400,000
• Must not have previously owned a property in WA
• Property must be purchased through a licensed real estate agency operating in WA
• Property must be financed by a lending institution
• Property must be established or partially built at the time of contract signed
• Applicant must reside in the property for the first 12 months

Should you wish to discuss these options any further, do not hesitate to contact our Licensee Susan Lam here.

This information should be used as a guide only, you should seek further professional advice if required.

Information current as at August 2020.