March 14, 2013
The Home Buyers Assistance Account (HBAA) is a grant available for up to $2,000 towards incidental expenses associated with buying your first home.
It is a WA State Government scheme administered by Real Estate & Business Agents Supervisory Board (REBA). It is not the same as the First Home Buyer Grant, thats a Commonwealth grant.
The rebate can be used for fees that have been paid towards mortgage insurance premiums, settlement agent fees, loan establishment fees and lenders fees associated with lodging the application. It is only availablle after settlement.
The criteria for eligibility is :-
- First home buyer
- Not have owned a house in WA previously
- the property is established
- the purchase price is within the threshold - Currently $400,000
- the property is bought from a licensed real estate agent
- you must live in the property for at least the first 12 months
- Your home loan is financed through a bank, building society or credit union
- The application for the grant must be received not more than 90 days after the date of the contract of Sale
Once the grant is approved the funds are paid to the lender and the lender pays the funds into your mortgage account.
You will need a copy of your contract of sale and a copy of the final settlement statement from your settlement agentFor more information and a copy of the application form, check out the REBA website www.reba.wa.gov.au