In
their announcement of the 2015-2016 budget, the State Government made
a major change that affects the real estate scene, particularly
residents who are planning to buy their first homes. The $3000 First
Home Owners Grant (FHOG) that you can qualify for when you buy an
established property is no longer available. Fortunately, the FHOG
for purchasing or building new homes was not reduced or removed from
Western Australia’s budget.
This
update should make it more encouraging for
first home buyers in Perth
to opt for building their properties instead of buying established
ones, even if the latter can be more affordable in some cases. The
$10,000 grant can definitely be helpful in your first steps since it
can reduce your home buying expenses significantly. Likewise, some
experts would argue that established homes come with maintenance
costs that offset your upfront savings anyway, which makes home
construction a more viable choice.
The
process of applying for the FHOG and the eligibility criteria are
unchanged, too. You would need to fill out the necessary forms and
submit the required documents to the Office of State Revenue. You can
also work with home builders that employ or work closely with FHOG
Approved Agents, who can facilitate the application to assist you.
This grant can be required or recommended by some financial
institutions providing mortgages, as well.
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