First Home Buyer
First Home Owner Perth, WA
Buying your first home can be very exciting, but daunting process. We will guide your through the settlement process so you can enjoy the experience of buying your first home.
The Western Australian government provides financial incentives to assist first home buyers in entering into the property market.
Residential Property
The first home owner grant (FHOG) is a one-off payment to encourage and assist first home buyers to buy or build a new residential property for use as their principal place of residence. The grant is $10,000 or the consideration paid to buy or build the house if less than that amount. Only one grant is payable per eligible transaction, so two people purchasing a house together may only receive one grant.
If you are a first home owner, you may qualify for the grant if you are purchasing or building a new home. A home that has been substantially renovated may be considered a new home. The grant is not available for the purchase of an established home or for renovations to an existing home.
If you receive the grant, or would be eligible except that you are purchasing an established home, you may be eligible for the concessional first home owner rate of duty.
Vacant Land
If you are purchasing vacant land and have not entered into a building contract you will be liable to pay transfer duty at the general rate of transfer duty. The amount of transfer duty payable is based on a sliding scale determined by the purchase price. Once you have entered into a building contract you will be eligible to apply to State Revenue for a refund of transfer duty paid and to obtain the $10,000 First Home Owners Grant pending the total value of the home not exceeding $750,000.