June 14, 2017
Time is running out for first home buyers wanting to claim the extra $5,000 temporary boost payment, introduced by the WA Liberal Government in December last year.
Initially, it was introduced to provide a much needed stimulus for the Western Australian economy. An extra $5,000 was approved on top of the current $10,000 first home owner grant and was scheduled to cease on the 31st of December, 2017. This applied to anyone purchasing a brand new, never before lived in property, or those contracting to construct a new home.
In May this year, the WA Labour Government made the controversial decision to cut the temporary boost short, in order to rein in the state’s dire financial position. Contracts must now be signed by the 30 June, 2017.
From July 2017, any first home buyers who enter into a contract to purchase or build a new home will still be eligible for the standard grant of $10,000. This will not apply to purchases of established homes, although the current stamp duty concessions for these property buyers still remains.
Conditions to get the boost payment for new purchases
- Contracts must be signed by the 30th June 2017
- Construction must commence within 26 weeks after entering into the building contract
- Construction must be complete within 18 months after commencement of construction
- Construction of the home,(when the foundations are laid), must commence before 30th June, 2017
Purchasing “Off the plan”
- Contracts signed before 30th June, 2017 and construction of the home must be completed by 30 June, 2019
As with the existing first home buyer grant, the boost payment for first home buyers purchasing or building a new home will be paid for homes up to the value of $750,00 (or up to 1 million, if the home is located north of the 26th parallel.
For assistance with eligibility of the first home owners grant or any information for obtaining finance for your purchase, call Steve Sims on 0433 124 081 or email email@example.com