1. What is the First Home Owners' Grant (FHOG)?
This is a Government funded scheme providing financial assistance to Australians who are buying their first home, subject to meeting the scheme's eligibility criteria.
The scheme commenced on 1st July 2000. Eligible applicants are entitled to a one-off $7,000 grant.
All the details are available on the WA Government website at www.dtf.wa.gov.au
The scheme commenced on 1st July 2000. Eligible applicants are entitled to a one-off $7,000 grant.
All the details are available on the WA Government website at www.dtf.wa.gov.au
2. What is the First Home Owners' Boost (FHOB)?
The Australian Government has announced a First Home Owners' Boost, which supplements the First Home Owners' Grant (FHOG).
This scheme is provided for established and new homes and applies to contracts between 14 October 2008 and 30 June 2009 (inclusive).
(a) Established Homes
First home buyers who purchase an established home will receive a boost of $7,000 above the FHOG, doubling the grant to $14,000. To apply for the $7,000 First Home Owners' Boost for an established home, first home buyers will only need to complete the $7,000 First Home Owner Grant application form (July 2007).
(b) New Homes
First home buyers who build a new home or purchase a newly constructed home will receive an extra boost of $14,000 taking their grant to $21,000. To apply for the $14,000 First Home Owners' Boost for building a new home or purchasing a newly constructed home, first home owners will need to complete the Addendum for First Home Owners' Boost Scheme (October 2008) and the $7,000 First Home Owners' Grant application form (July 2007).
PLEASE NOTE: If you have already lodged your First Home Owners' Grant application (July 2007), you are required to complete and lodge the First Home Owners' Boost addendum (October 2008) with the same agent you lodged the First Home Owners' Grant application (July 2007) with for processing.
For more information, visit the Government site.
This scheme is provided for established and new homes and applies to contracts between 14 October 2008 and 30 June 2009 (inclusive).
(a) Established Homes
First home buyers who purchase an established home will receive a boost of $7,000 above the FHOG, doubling the grant to $14,000. To apply for the $7,000 First Home Owners' Boost for an established home, first home buyers will only need to complete the $7,000 First Home Owner Grant application form (July 2007).
(b) New Homes
First home buyers who build a new home or purchase a newly constructed home will receive an extra boost of $14,000 taking their grant to $21,000. To apply for the $14,000 First Home Owners' Boost for building a new home or purchasing a newly constructed home, first home owners will need to complete the Addendum for First Home Owners' Boost Scheme (October 2008) and the $7,000 First Home Owners' Grant application form (July 2007).
PLEASE NOTE: If you have already lodged your First Home Owners' Grant application (July 2007), you are required to complete and lodge the First Home Owners' Boost addendum (October 2008) with the same agent you lodged the First Home Owners' Grant application (July 2007) with for processing.
For more information, visit the Government site.
3. Extension of the First Home Owners' Boost (FHOB)
In the 2009/10 Budget the Federal Government has provided funding to extend the First Home Owners' Boost for 6 months, from 30 June 2009 to end of December 2009.
The First Home Owners' Boost will continue in its current form (refer Question 2) to 30th September 2009, providing eligible first home buyers with $7,000 for established homes providing total grant ($14,000), and $14,000 for new homes providing total grant ($21,000).
Between 1st October 2009 and 31st December 2009 (inclusive) the value of the FHOB will be halved to $3,500 for established homes providing total grant ($10,500) and $7,000 for new homes providing total grant ($14,000).
The First Home Owners' Boost will continue in its current form (refer Question 2) to 30th September 2009, providing eligible first home buyers with $7,000 for established homes providing total grant ($14,000), and $14,000 for new homes providing total grant ($21,000).
Between 1st October 2009 and 31st December 2009 (inclusive) the value of the FHOB will be halved to $3,500 for established homes providing total grant ($10,500) and $7,000 for new homes providing total grant ($14,000).
4. Who is eligible for the First Home Owners' Grant?
There are seven basic criteria for applicants.
- You must be a natural person (ie. not a business or corporation, etc.)
- At least one applicant must be an Australian citizen or a Permanent Resident.
- You cannot previously have received a First Home Owners' Grant from anywhere else in Australia or ever had to repay the grant as a result of an investigation by the Commissioner.
- You and/or your spouse cannot have previously owned a home.
- Each person holding a relevant interest in the property is an applicant.
- You cannot have previously owned or held a relevant interest in a residential property anywhere in Australia prior to 1 July, 2000.
- All applicants must reside at the home for a continuous period of at least 6 months commencing within 12 months of becoming the owner of the home.
5. How do I apply for the First Home Owners' Grant?
An application form must be lodged, with all relevant supporting documentation, within 12 months of completion of the eligible transaction.
6. What is the First Home Owner Rate of Stamp Duty?
The First Home Owner Rate of Stamp Duty (FHOR) is a State-funded concession.
Eligibility is aligned with the requirements of the First Home Owners' Grant and the applicant(s) must be qualified for the First Home Owners' Grant.
Eligibility is aligned with the requirements of the First Home Owners' Grant and the applicant(s) must be qualified for the First Home Owners' Grant.
7. How do I apply for the Stamp Duty concession?
You will require a letter of approval sent by the Office of State Revenue.
You also need to have completed and signed the First Home Owner Rate Application Form.
You also need to have completed and signed the First Home Owner Rate Application Form.
8. What Stamp Duty concession rates apply to First Homebuyers?
Here are the details:
Established or House & Land Packages:
Vacant Land (after building contract presented):
Established or House & Land Packages:
- $0 - $500,000 nil stamp duty
- $500,001 - $600,000 - $22.51/$100 or part thereof above $500,000
Vacant Land (after building contract presented):
- $0 - $300,000 - Nil stamp duty.
- $300,001 - $400,000 - $13.01/$100 or part thereof above $300,000
9. What kind of information will I need to provide when I apply for the First Home Owners' Grant?
There are eight key sets of information you'll need to provide.
- Eligibility criteria.
- Applicant details.
- Spouse/defacto partner details.
- Property and transaction details.
- Payment details.
- A declaration by the applicants.
- A declaration by your spouse/partner.
- Supporting documentation checklist.
10. What is the Homebuyers' Assistance Account?
The Home Buyers Assistance Account is established under the Real Estate and Business Agents Act 1978 to provide first home buyers with financial support.
11. How much is the grant worth?
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.
On 22 September 2006, the maximum purchase price criteria for the Home Buyers' Assistance Account was increased to $400,000 in response to the rising costs of housing in Western Australia.
The grant can be used for 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.
On 22 September 2006, the maximum purchase price criteria for the Home Buyers' Assistance Account was increased to $400,000 in response to the rising costs of housing in Western Australia.
The grant can be used for 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.
12. What are the Shared Equity House and Land options now available?
There are many Satterley estates which offer products for those interested in and who qualify for the Department of Housing and Works and Keystart's, 'First Start Shared Equity Scheme'.
The Shared Equity option is available on House and Land packages up to $355,000.
The Shared Equity option is available on House and Land packages up to $355,000.
13. Where can I find out all the details I need on the Shared Equity Scheme?
Search all Satterley land estates throughout Australia.
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First Home Owners' Grant
This is a Government funded grant and is offered subject to certain qualification conditions.
$14,000
If you purchase an established home.
$21,000
If you build a new home or purchase a newly constructed home.