Home buyers assistance account
Information on government financial assistance for first home buyers
The Home Buyers Assistance Account is established under the Real Estate and Business Agents Act 1978 to provide first home buyers with financial support.
The scheme provides a grant of up to $2 000 for the incidental expenses of first home buyers when they purchase an established or partially built home through a licensed real estate agent for the purchase price of $400,000 or less, provided they meet all criteria.
The scheme is funded from interest paid on real estate agents' trust accounts. The grant can be used to reimburse expenses including mortgage registration fees, solicitor and/or conveyancing fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with lodging the application.
For more information please view the home buyers assistance account fact sheet.
The current criteria for funding are:
- the purchase price of the home is $400,000 or less;
- you must be buying your first home, which is established or partially built (not vacant land or a 'house and land' package);
- you or your spouse or partner must not own or have owned any property in the State of Western Australia before (if one of the people you are buying a home with, owns or has owned a home in Western Australia before, then you can apply for a partial grant based on the percentage of your ownership of the home);
- you must live in the home for at least the first 12 months;
- you must purchase the home through a licensed real estate agent;
- the application must be lodged with the Department of Commerce no more than 90 days after the date that the offer and acceptance contract to buy the home is accepted (in exceptional circumstances, a short extension of time for lodgement may be granted if reasonable grounds exist); and
- the home loan must be financed through a lending institution (such as a bank, building society or credit union).
How to apply
You must complete the application form and follow the instructions on the form. If you have any further queries, call the Consumer Protection Advice Line on 1300 30 40 54.
The Federal Government's First Home Owners Grant
In addition to the Home Buyers Assistance Account, first homebuyers may also be eligible to a financial rebate through the State Government's First Home Owners Grant and/or concessional First Home Owner Rate of Duty. The grant and concessional rate of duty are administered by the Office of State Revenue. For further information, contact the Department of Finance on (08)9262 1299 or 1300 363 211 (WA country callers only).
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