What grants are available for first home buyers in WA?

If you are a first time home buyer, you’re probably wondering what grants are available for first home buyers in WA. The good news? There are a lot!

On this page, we go over eligibility requirements for the the grants available in WA, recent changes to grants, and answers to FAQs so you can move forward with confidence toward homeownership.

First Home Owner Grant

Eligible first time home buyers may qualify for the First Home Owner Grant.

This one-off 10,000 payment can be a huge help in making homeownership a reality for eligible WA residents.

FHOG eligibility requirements

Here are some of the requirements to qualify for the FHOG in WA:

Applicant must be 18 or older
Applicant must be a permanent resident or Australian citizen
Applicant must occupy the home as a primary residence for at least 6 continuous months within the first year of settlement or building completion
A trust or company cannot be used to purchase the property (unless the trustee is for someone with a legal disability)

Additionally, eligibility requirements for the FHOG as stated by the WA government include:

Applicants and/or their spouses or de facto partners cannot have previously received the grant or first home owner rate of duty from any jurisdiction in Australia
Applicants cannot have owned residential property anywhere in Australia before 1 July 2000
Applicants cannot have owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence before 1 July 2004
Applicants cannot have owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence for a continuous period of at least six months that began on or after 1 July 2004.

There are more eligibility requirements to consider, but it is generally easy for first home buyers in WA to qualify for this grant.

Property eligibility requirements

The First Home Owner Grant also includes property requirements to be eligible.

These restrictions pertain to total property value and how long the buyer will reside in the home as their primary residence.

‘Total property value’ eligibility requirements are:

South of the 26th parallel, eligible properties must be valued at less than $750,000
North of the 26th parallel, eligible properties are limited to a value of $1 million

Helpful note: Perth metropolitan areas are considered south of the 26th parallel.

How to apply for the FHOG in WA

Want to apply for the FHOG? The good news is that it’s fairly easy.

You can apply directly through the Department of Finance, contact one of our first home buyer specialists for help, or work with an approved lending agent.

First Home Guarantee

The Australian government offers the First Home Guarantee scheme to help eligible first home buyers with their deposit.

Eligible buyers can qualify to purchase a home with as low as a 5% deposit and no LMI (lender’s mortgage insurance) payments.

FHBG eligibility requirements

From 1 July 2023 to 30 June 2024, 35,000 FHBG homes will be made available.

Here are some of the general requirements to be eligible to apply for the FHBG:

Must be a permanent resident or Australian citizen
Applicants must be at least 18 years of age
Buyers must intend to occupy the property as their primary residence
Joint applicants can earn up to $200,000 and individuals can earn up to $125,000 (shown on the Notice of Assessment from the Australian Taxation Office)
Buyers must not have owned a property in Australia within the past ten years
Can apply as an individual or two joint applicants
Must be buying a residential property (this includes a home, apartment, townhouse, house and land package, off-the-plan townhouse or apartment, land and a home building contract)

*Even if you take advantage of other First Home Owner Grant, you can still be eligible for the First Home Buyer Guarantee Scheme.

How to apply for the FHBG in WA

Applying for the First Home Buyer Guarantee 2023 can be done in 3 easy steps:

1. Get in touch with us and our knowledgeable team of first home buyer specialists will help check your First Home Guarantee eligibility.

2. We’ll help you fill out and submit your First Home Guarantee application.

3. Once you determine your eligibility and get your application approved, it’s time to buy or build your first home within 90 days of approval!

Home Buyers Assistance Account

The Home Buyers Assistance Account (HBAA) was created to help cover some of the costs home buyers face when purchasing their first home.

These expenses include things like valuation fees, establishment fees, mortgage registration fees, mortgage insurance premiums, conveyancing fees, and lending institution fees that may be required to buy your first home.

The grant can provide up to $2,000 to help cover these incidental costs.

HBAA eligibility requirements

HBAA applicants must meet the same criteria as the First Home Owner Grant.

According to the government of Western Australia, applicants and their spouse/partner must:

Be 18 years of age or older
Be a permanent resident or Australian citizen at the time of application
Use the property as their primary place of residence for at least a year upon construction completion or settlement
Not have previously owned a residence in WA (previous owners may qualify for a partial grant)

The property must also meet certain eligibility requirements:

The property price must be within the $400,000 threshold
The property must have been purchased through a licensed WA real estate agency
The property must be financed by a lending institution
The property must be established or at least partially built upon purchase rather than a plan outlining building intentions
The application needs to be submitted within 90 days of contract settlement

How to apply for the HBAA in WA?

To apply for the HBAA, you need to complete section A of the Government of Western Australia’s website. This application must be sent to your lender to get pre-approved.

Applicants must also provide a copy of a final settlement statement. This will break down the costs and expenses you incurred when buying your first home.

Your lender will complete the second portion of the application and submit it for you.

First Home Owner Rate

First home buyers in WA may be eligible for a stamp duty concession. This is available through the First Home Owner Rate of Duty.

FHOR eligibility requirements

Eligibility for the First Home Owner Rate of Duty and First Home Owner Grant are the same.

To qualify as a first home buyer you must:

Be at least 18 years of age or older
Be a permanent resident of Australia or an Australian citizen
Use the property as your primary residence for at least 12 months following the completion of construction or upon settlement
Not purchase the property on behalf of a company or trust (unless the applicant is the trustee of an individual with a legal disability)

This stamp duty concession is subject to various requirements, including the following property value thresholds:

$750,000 for property south of the 26th parallel
$1,000,000 for property north of the 26th parallel

If a first home buyer does not qualify for the First Home Owner Grant, they may still be eligible for the First Home Owner Stamp Duty if:

They would have qualified for the grant but the transaction was for the purchase of an established home
They are an Indian Ocean Territory resident pursuing their first home in WA

The WA Government website has additional information about exemptions.

How to apply for the FHOR in WA

To apply for the First Home Buyer Stamp Duty, submit the First Home Owner Grant application and the pre-approval form for the first home owner rate of duty.

You’ll get a letter and formal application if approved. You can then submit additional transaction evidence and your formal application.

First Home Super Saver Scheme

The First Home Super Saver scheme is nationwide and offers an incentive to save through your super fund.

You can contribute up to $15,000 a year and up to a total of $30,000.

For more information on the First Home Super Saving Scheme, feel free to contact one of our first home buyer specialists with questions.

Family Home Guarantee

The Family Home Guarantee is designed to help single parents purchase a home for their family.

The Family Home Guarantee scheme is intended for single parents with at least one dependent. You may qualify for this even if you are not a first time home buyer.

Without the need to pay LMI and with a deposit of as low as 2%, the Family Home Guarantee is a great opportunity for eligible families.

From 1 July 2023 to 30 June 2024, the Australian government will hand out up to 5000 Family Home Guarantees.

Recently, eligibility for the Family Home Guarantee was expanded to include applicants beyond adoptive or natural parents. Now, legal guardians, including grandparents, aunts, and uncles may be eligible for the Family Home Guarantee.

Building Bonus Grant WA

The Building Bonus Grant is a one-time $20,000 incentive offered for a limited time. This is intended for Western Australians who plan to build a new home.

You are eligible to apply for the Building Bonus Grant WA if:

You entered into a contract between 4 June 2020 and 31 December 2020 to build a new detached home on vacant land
Or, if you entered into an off-the-plan contract between 4 June 2020 and 31 December 2020 to purchase a new home as part of a single-tier development on a strata plan or other land survey type

The Building Bonus Grant WA is different from the Australian Government Home Builder grant. You may be eligible to receive both.

If you receive one of these grants, you may also be eligible for the First Home Owner Grant.

Have questions? We know it can be tricky to navigate all the eligibility requirements.

Our first home buyer specialists are here to walk you through the entire process.

The Help to Buy Scheme

The Help to Buy scheme will help first time home buyers by eliminating the need to pay Lenders Mortgage Insurance (LMI) and requiring as low as a 2% deposit.

The scheme will give eligible first home buyers an “equity contribution” of up to 40% of the cost of their new home. Eligible first home buyers can also qualify for an equity contribution of up to 30% for existing homes.

It is important to note that this means the government will own an equity share of homes bought using the Help to Buy scheme. When they have enough money, homeowners can buy the equity back in the future.

Help to Buy Scheme eligibility requirements

Must be an Australian citizen
Must be at least 18 years old
Your yearly income must be less than $90,000 for individuals, or less than $120,000 for couples
You must occupy the purchased home
You cannot own any other property or land in Australia or overseas (although it doesn’t have to be your first home)
The purchaser must pay a 2% deposit of the home price and be able to finance the rest of the loan
You are responsible for providing proof that you can pay all bank fees, legal fees, stamp duty, and other up-front costs
You are responsible for all ongoing property costs (electricity bills, rates, strata, etc.)
The property value must meet the threshold of the state and area

FAQs

Can you get a first home buyers grant on an existing property WA?

No, the First Home Buyers Grant is only available for individuals who are buying or building a new home. Existing homes do not qualify.

A substantially renovated home *may* qualify as a new home, but adequate documentation is required.

While the FHOG does not apply to existing properties, you may still qualify for stamp duty exemptions.

Feeling confused or overwhelmed? Contact us and we’ll be happy to help you!

How much money do you need as a deposit as a first time home buyer in WA?

Generally, a 20% down payment is required to purchase your first home. Fortunately, many of these government schemes and grants decrease this amount.

This can make first time homeownership so much easier!

The New Home Guarantee, First Home Buyer Scheme, and Help to Buy Scheme can all help first time home buyers in WA put less money down. These schemes also eliminate the need to pay lender’s mortgage insurance (LMI).

Is there a First Home Owners Grant in WA?

Yes. The First Home Owner Grant offers $10,000 to eligible applicants building or buying a new home.

The home must serve as the primary place of residence for at least 6 months in the first year of building completion or settlement.

Are stamp duty concessions available?

Yes, there are concessions and exemptions available through the First Home Owner Rate of Duty.

The First Home Owner Rate of Duty (FHOR) aligns with First Home Owner Grants requirements.