New data from the Australian Bureau of Statistics has found 300 home loans were approved in Western Australia for the purchase of new dwellings in February 2017.
This is the highest number of loans approved for the purchase of new dwellings since June 2013.
Market commentators believe this spike in demand for newly built properties can be somewhat attributed to the recently adjusted first home owner's grant.
At the end of last year, the West Australian Government announced a temporary $5,000 boost to the First Home Owner Grant.
Under the terms of the boosted grant, first time buyers who enter into a contract between 1 January 2017 and 31 December 2017 to purchase or construct a new home, will receive a $15,000 Government grant.
If you are a first home buyer and you are currently considering your purchasing options, you may want to consider building a home or buying a newly built property and taking advantage of the boosted First Home Owner Grant.
And, with interest rates continuing to hover around historical lows and property prices falling slightly across Western Australia, there really has never been a better time to be a first home buyer.
Of course, if you want to take advantage of the boosted grant, there are a few requirements you have to fulfil, including:
- You must be over the age of 18, (though certain exceptions apply);
- At least one applicant must be an Australian citizen or permanent resident;
- The contract for the construction or purchase of an eligible new home must be made between 1 January 2017 and 31 December 2017;
- Construction of a new home must commence at least 26 weeks after the date of the contract and be completed within 18 months of commencing construction;
- If you're an owner builder, construction must commence between 1 January 2017 and 31 December 2017 and be completed by 30 June 2019;
- If you're buying ‘off the plan', the contract must be entered into between 1 January 2017 and 31 December 2017 and be completed by 30 June 2019;
- You must own the land on which the home is built; and
- You must live in the home as your principal place of residence for at least six months within the first 12 months of settlement or completion of the build.
Your local mortgage broker can not only help you apply for the First Home Owner grant, but can also find you a home loan that is most suitable for your needs.