Every state has its own rules with regards to when the grant is paid and if stamp duty concessions are also paid.
In Western Australia the FHOG is currently paid on a home you are constructing and plan to live in or a home you are buying that no one has lived in.
The grant paid in WA is $10,000, plus a boost of $5,000 for contracts that are entered into from 1st January 2017 to 31st December 2017 - taking it to a total of $15,000.
There are also stamp duty concessions available. No stamp duty is payable on vacant land to a value of $300,000. A scaled amount is paid from $300,000-400,000. Full stamp duty is applicable from $400,000+.
There is no grant available if you are purchasing an established property (that someone has previously lived in). However you should still apply to ensure you can access the stamp duty concessions. No stamp duty is payable for a home up to the value of $430,000. A scaled amount is paid from $430,000-530,000. Full stamp duty payable from $530,000+.
Some considerations when applying for the FHOG:
- Who is eligible?
- How do I apply?
- Where does the FHOG get paid to?
- Is it paid on vacant land if the building contracts are not signed?
- When is it paid during the construction process?
- Do I have to move into the property straight away?
- How long do I have to live in the property for?
- What stamp duty is payable if my purchase price is higher than the thresholds mentioned above?
To find out more call Brett Mallott of Mortgage Choice on 0422 040 646 to find out if you are eligible and how the above mentioned considerations will effect you.