First Home Owner Grant changes - how do they affect me?

If you're a First Home Owner, you might get away with a lot less deposit.

In December 2017 the State Government of Western Australia announced exciting changes for First Home Owners! If you or someone you know has previously ruled out or put off buying a property, it's definitely time to reassess under these new conditions.

From the 1st of January 2017 until 30 June 2017, two major new changes apply in Western Australia:

1) The First Home Owner Boost means that the amount of money you get from the First Home Owner Grant changes from $10,000 to $15,000, if you're building your first home or buying a brand new property. That's $5,000 less deposit you need to put together.

2) The maximum income limit for a Keystart loan has increased by $20,000. If you previously ruled out using Keystart due to your income being too high, now you might qualify for a loan.

For a lot of First Home Owners in WA, the big advantage provided by Keystart is how much less deposit you need compared to any other option that's currently available. Qualifying with Keystart now could make a huge difference to what is possible - even if you want to buy an established property.

Under the changes, Keystart's metropolitan income limits will rise by $20,000:
Singles - up to $90,000, previously $70,000
Couples - up to $115,000, previously $95,000
Families - up to $135,000, previously $115,000

So get in touch with Tim Kerin today at tim.kerin@mortgagechoice.com.au to see how these changes affect you, and to find out what's now possible!

 

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