If you are a first home buyer wanting to buy an established property, you might want to re-consider – the WA State Government has removed the $3,000 First Home Owners Grant in the updated 2015-2016 budget as the new homes market peaks in WA.
Here’s the summary from the new budget:
- First Home Owners Grant for an established property has been removed
- The grant for building a new home remains unchanged at $10,000
The REIWA president, David Airey, said the loss of the $3,000 first home owners grant is a significant blow for first-home buyers of established properties, saying that the WA government has and will continue to show favoritism towards the new home market.
The First Home Owners Grant however has remained unchanged at $10,000 for those wanting to build their very first home in Perth, Western Australia. Stamp duty concessions for first home buyers of both new and established homes also remain unchanged in this year’s new budget.
Treasurer Mike Nahan said the change was in line with the State Government’s policy objective of focusing financial support on residential construction. By cutting the grant for first time buyers purchasing established homes, the State Government will save about $109 million over the next four years.
What does this mean? It means that the new home market in Western Australia is going strong and worth investing in.
We have in-house experts here at Aussie Living who can assist with the first home owners grant and get you into your own home.
Source: Perth Now