The State Liberal National Government has announced that the First Home Owners Grant (“FHOG”) will be increased to $15,000 for contracts entered into from 1/1/2017 until 31/12/2017. The FHOG will only apply to new constructions and will not apply to established properties. In making the announcement Premier Barnett has indicated that the Governments intention was to assist First Home Buyers to enter the property market while concurrently stimulating the construction industry in WA.
At the same time as the above announcement, the Government also announced changes to the income thresholds for Keystart applicants. The combination of the $15,000 FHOG and the increase in Kesytart eligibility income thresholds should result in many individuals that previously didn’t qualify for a home loan being no eligible to buy their first home.
If you would like to see if you could qualify for a home loan as a First Home Buyer call us now!