Commissioner's blog: Home buyer grants help new owners
Taking that step from renting to buying your first home is one of life’s biggest milestones, but the costs can quickly add up. As well as funding a deposit and organising a home loan, first home buyers also need to cover expenses such as settlement, lending institution fees and mortgage costs.
That’s where the State Government’s Home Buyer’s Assistance Account (HBAA) scheme administered by Consumer Protection can help, by reimbursing some of the expenses of buying a first home in the shape of a grant worth up to $2,000 for eligible applicants.
We understand new homeowners often spend the money on furniture, landscaping or establishing outdoor entertainment areas.
In a sign that it’s not only established home owners or investors showing interest in the Western Australian property market, the scheme distributed a near record $6.035 million last financial year to help 3,093 people buy their first home. The scheme is funded from interest derived from the trust accounts of real estate agents.
To receive a grant, applicants must meet certain criteria, including buying a property priced at $400,000 or less that is required to be their primary residence for a minimum of 12 months.
It must be an established or partly built home, not an off-the-plan purchase, and applications must be submitted within 90 days of settlement, among other requirements.
More information on the Home Buyers Assistance Account (HBAA) grant, including the full criteria and application form, is available on our website or enquiries can be made by email email@example.com or by calling 1300 30 40 54.
In another homeownership initiative, the State Government has recently signed off on a 12-month extension of increased income limits for the Keystart home loan scheme.
To be eligible for a low-deposit home loan with Keystart, the income limits in the Perth Metro area are $105,000 for singles, $130,000 for couples and $155,000 for families, for a property priced up to $480,000. More information is available at www.keystart.com.au
Commissioner for Consumer Protection
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