On the 17th May 2017, the Government came forward to make a change to the $5000 First Home Owners Grant boost which was introduced on 1 Jan 2017 and was originally scheduled to cease on 31st December 2017. However, this date has now been pushed forward to cease on 30 June 2017. This early cancellation could have a huge impact on some first home buyers who were relying on taking advantage of these boosted government funds.
If you are looking to benefit from these funds before it is discontinued then you need to be aware of the regulations in place. A contract for purchase or build must be entered in line with the new time-frame, in the case of owner builders, foundations of the home must be laid between these dates.
So what does this mean for First Home Buyers?
When entering a contract for a new construction, the building must commence within 26 weeks from entering the build contract and completed within 18 months from the commencement of construction. For owner builders or buyers of a new home (off the plan), the construction will need to be completed by 30 June 2019.
The $10,000 grant will still be available for eligible first home buyers post 30 June 2017.
Remember that there are other ways we can help you into your first home, such as guarantors. So don't hesitate to ask our team about your list of options as a first home buyer.
If you would like to discuss the recent FHOG changes, or buying your first home – chat to our team at Mortgage Choice Armadale today on (08) 9485 0090.
Vaios Toutountzis, Your Local Mortgage Broker in Armadale
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