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.
To be eligible for the grant, applicants must meet all of the following criteria:
- The purchase price of the dwelling is $400,000 or less:
- The applicant(s) must not own or have previously owned a dwelling in Western Australia. If one of the applicants owns or has owned a dwelling in Western Australia, then a partial grant may be made to the first home buyer applicant(s) equal to the percentage of their interest in the dwelling (provided all other criteria are satisfied).
- The dwelling must have been purchased through a licensed real estate agent carrying on business in the State.
- The dwelling purchased must be financed by a lending institution.
- The dwelling must be established or partially built, not a plan to build a dwelling.
- The dwelling purchased must be the applicant(s) principal place of residence.
- The applicant(s) must intend to live in the home for at least the first 12 months (the home cannot be rented out during this time). Where the purchased dwelling has an existing tenancy in place, the grant is payable in certain circumstances.
- The application should be lodged with the Department of Commerce no more than 90 days after the date on which the offer to purchase the dwelling was accepted (in exceptional circumstances a short extension of time for lodgement may be granted if reasonable grounds exist).
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 State Government's First Home Owner Grant and First Home Owner Rate of Duty
In addition to the Home Buyers Assistance Account, first home owners may also be eligible for the State Government's First Home Owner 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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