First Home Buyer
Express Property Settlements
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.
The WA First Home Owners Grant is currently at $10,000 for eligible first home buyers purchasing a ‘new’ home valued under $1,000,000 (north of the 26th parallel). If the ‘new’ home is located south of the 26th parallel, the cap is $750,000.
A ‘new’ home is a property that has never been lived in before by any other party, or sold to another party prior to you. In some instances a substantially renovated property may qualify as a “new” home.
If you are thinking of purchasing an established (existing) home then unfortunately you will not be eligible for the WA First Home Owners Grant however you may still be eligible for a transfer duty concession.
If your home purchase price is below $430,000 you are not required to pay any transfer duty.
If your home purchase is between $430,001 & $530,000, a reduced amount of transfer duty is payable at $19.19 per $100 above $430,001.
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.
For information about eligibility requirements, how to apply or any other queries you may have visit the WA Department of Finance website below or contact us to discuss.