What you will find on this page:
|
We have spoken and covered so many topics till now. Now is the time that I would like to address the First Home Owner Grant in Western Australia. Let me inform you that I am not picking this topic randomly, but I have this query raised from the First Home Buyer from the Western region. He has the query related to the Grants and Schemes in Western Australia, which can support him buying his first home.
So now when we talk about the First Home Owner Grant in Western Australia, we aim to get first home buyers into the market sooner, providing them the financial support to the eligible applicant.
What is the First Home Owner Grant in Western Australia?
For first home owners, the FHOG gives them a one-time payment to help them buy or build their first home.
This plan was made by the federal government in 2000 to help people who owned homes but were having trouble paying their taxes. Even though the FHOG is a nationwide programme, it is up to each state and region to pay for and run it.
Also, states and regions give out different amounts of money and have different rules about who can get it.
Although you should be aware that the First home buyer in Western Australia can apply for a one time $10,000 payment that they can put into buying or building a new home in the states. This is not applicable for the ones who are planning to buy the established homes.
Who is eligible for the first home owner grant?
When you are aware of the First Home Owner Grant, it is also important to know who is eligible.
Eligibility Criteria:
- You must be 18 years or over at the time of making an application. And if you are under 18 at the age of submission, then you have to apply for the exemption.
- One of the applicants must be an Australian citizen or is a permanent resident of Australia.
- A relevant interest in the land on which the home is located or the ownership of a residence in one’s own right are both required.
Hence to be eligible for the grant, you must occupy the property as your primary place of residence for a continuous length of time, starting within a year after the completion of your home’s construction or the purchase settlement.
When are you not entitled for WA First Home Owner Grant?
There are certain conditions under which you are not entitled for the grant:
- Got the grant or a lower rate of stamp duty for first-time buyers in any other part of Australia.
- It is not permissible to possess residential property in Australia prior to July 1, 2000.
- No residential property in Australia may have been possessed on or after 1 July 2000 and inhabited as a domicile prior to 1 July 2004.
- Not being able to have acquired a residential property in Australia on or after July 1, 2000, and not having lived there continuously for at least six months starting on July 1, 2004.
What property transactions are eligible for grant?
Verify that your real estate transaction qualifies for the award before applying.
Applying is possible if you’re buying a new house, have a contract in place to construct, or are an owner-builder building your own house.
Even if the grant cannot be used to buy an established property or to remodel an existing one, you could still be qualified if you’re purchasing a home that has undergone “substantial renovations.”
Additionally, the total value of the eligible land and house is capped; the location of the residence determines this maximum.
The combined value restriction of $750,000 applies to residences located south of the 26th parallel of South latitude, which includes all metropolitan districts of Perth.
For residences located north of the 26th parallel, a greater ceiling of $1 million has been imposed.
How to apply?
When applying for the FHOG in Western Australia, you have two choices.
You have two options for submitting your application: either directly to Revenue WA or via an authorised agent or lender in conjunction with your home loan application.
Keep in mind the following documentation criteria for your grant application:
Supporting documentation for the transaction, such as:
- Agreement to buy a house
- Agreement to construct a residence
- A title certificate with your name as registered owners (not necessary when applying via an authorised agency; applicable to owner-builder transactions)
- Application form, which has to be sent or submitted online together with any necessary supporting documentation
You must send at least one document from each of the categories below in addition to the application form and the supporting documentation of the property transaction, especially if you’re submitting via Revenue WA.
Category 1: Permanent residency and Australian citizenship
- Australian birth certificate/extract of passport or citizenship certificate
- Proof of permanent residency or a permanent resident visa or
- Certificate of Evidence of Resident Status, issued by the Department of Home Affairs
Category 2: Link between identified and person
- Current Australian driving licence
- Passport
- Firearm licence
- Age card proof
- Any ID proof that includes photos.
Category 3: Australian Residence
- Medicare Card
- MV registration
- Centrelink
- Debit/Credit Card from a financial situation
- Card that shows the proof that you are Australian
If you are married, separated, divorced, widowed, or applying under a new name, you will need to provide matching documentation proving your name change.
You will have to apply for the grant one year after the settlement date for the acquisition of a new house.
Contract-to—build and owner-builder deals call for an application filed one year after the house is completed.
When will the grant be paid?
The timing of the $10,000 payment is contingent upon the nature of the transaction and the method of application utilised.
When applying through your lender, the payment timing will adhere to the following schedule:
- Acquisition of a new residence: At settlement
- Contract for construction: Following the initial progress payment and upon the registration of your name on the certificate of title.
- Owner-builder: Upon providing evidence that the home is ready for occupancy and after your name has been registered on the certificate of title.
Upon submitting your application via RevenueWA, funding will be provided when:
- Acquisition of a new residence: Upon the registration of your name on the certificate of title
- Contract for construction: Following the initial progress payment and once your name is recorded on the certificate of title.
- Owner-builder: Upon providing evidence that the home is ready for occupancy and after your name has been registered on the certificate of title.
Ready to Buy Your First Home in WA? Let ASK Financials Help You Secure Your Grant Today!
Knock Knock!!! Now that you are clear with the state grants as the first home buyer, this does not mean that you know enough.
We still have certain questions unanswered like:
- Can you use the grant as a home loan deposit?
- Does your income impact the application for the grant?
- Will each of you be eligible to get the award if you apply for it with a partner?
- Can you apply for the grants if you have property overseas?
- Where can you find the right rates for your home loan designed for the first home buyers?
To learn what’s under the cover, book a discovery call with our experts.
We at ASK Financials are committed to helping you realise your goal of purchasing a property in Western Australia. To guarantee you get the greatest financing alternatives and the biggest benefit from the First Home Owner Grant, our knowledgeable staff will guide you through each stage of the application process. Don’t hesitate; begin your road to homeownership right now!
Get in touch with us right now to arrange a consultation and find out how we can make it simple for you to buy your first home!
| Read More: https://tinyurl.com/asknewsau/ |
| Call Us: 0433 944 055 |
| Book a Free Chat: https://tinyurl.com/askfinancials/ |
