Exciting news to kick off 2017 for first home owners looking to build their first home, as the WA Government announces a temporary boost to the First Home Owners Grant (FHOG) of $5,000. The FHOG is currently $10,000, meaning eligible applicants could receive up to $15,000 from the WA Government towards the cost of building their new home.
The FHOG was first introduced on 1 July 2000 by the Australian Government to give first homebuyers a one-off payment towards buying or constructing a residential property. From 3 October 2015 the FHOG was limited to first homebuyers who chose to build.
To be eligible for the FHOG and the boost payment;
- Applicants must be an Australian citizen
- 18+ years old
- Applicants and/or their spouses cannot have previously owned a home in Australia before or after 1 July 2000
- Applicants must occupy the residential property for a minimum of six months, commencing within 12 months of building completion
- Applicants need to enter a contract between 1 January 2017 and 31 December 2017
- Construction of a new home must commence within 26 weeks after the date of the contract and must be completed within 18 months
If you would like to know more about the First Home Owners Grant or would like to speak to a broker about your options as a first homebuyer, please contact us today.