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25
Jan 17

New year; New Homebuyers Rejoice!

by Matthew Ikin
FB- New Year; New Homebuyers Rejoice!

New year; new homebuyers rejoice! First home buyers grants will increase to $15000 moving into 2017. The Liberal Government has announced that the First Home Owners Grant will be increased from $10,000 to $15,000 in 2017 with the grant being eligible from 1st January to 31st December.

What is a first home buyer’s grant?

The grant is a one-off payment from the government provided to eligible first home buyers in order to assist with purchasing a home and can also include a concession on council rates and taxes for the new property.

With increasing property prices throughout Australia, the shift in the grant seems logical in order to allow new property buyers the chance to break into the market. The boost would stimulate 2000 new construction jobs in Western Australia alone with 650 new home buyers now having the opportunity to purchase a property. 

“We are conscious about housing affordability and this boost will provide more families an opportunity to get into the housing market,” Colin Barnett said.

The eligibility of the grant based on purchasing value is:

  • Eligible first homebuyers purchasing vacant land on which to build their home will continue to pay no duty on purchases up to $300,000, and pay a reduced amount of duty on land up to $400,000. The first home owners grant is only available for new construction, however benefits are still available for established dwellings.
  • Those buying an established home or a newly constructed home also pay no duty for homes up to $430,000, and reduced transfer duty on homes up to $530,000.
  • As with the existing grant, the boost payment applies to new homes up to the value of $750,000.

Has the idea of purchasing your first property been at the back of your mind for a while? Or perhaps now could be the best time to purchase a property and take advantage of this grant. Getting the right loan could save you thousands each year. At Pioneer Credit, customer service is at the forefront of our minds and with this commitment; we will find you the best home loan for your situation and guide you through your first home buying experience.

Enquire for your first home loan here

Source: https://news.wa.gov.au/firsthomes/