First homebuyers ready to take advantage of new homes

FIRST homebuyers of newly constructed homes are eligible toreceive an increased grant of $10,000 from the State Government.

The boost to the First Home Owner Grant (FHOG) – from $7000to $10,000 – took effect last week.

It means first home buyers signing a contract to build orpurchase a new home and owner-builders who commence laying foundations for thehome will be eligible for the increased grant of $10,000.

First home buyers signing a contract to purchase anestablished home will be eligible for a $3000 grant.

Treasurer Troy Buswell said the changes were part of theLiberal National Government’s commitment to support first home buyers enter themarket and would also increase housing stock in Western Australia.

“These important changes not only reflect sound policy toincrease our overall housing supply, but the decision will also help createjobs in the housing sector,” Mr Buswell said.

“Increasing the grant for new homes will provide first homebuyerswith greater incentive to buy or build a new dwelling rather than purchase anestablished home.”

It is estimated that each year about 800 first homebuyerswill make the decision to purchase a new home rather an established homes.

“This will help alleviate the pressure placed on theexisting housing stock by the State’s high population growth and drive jobsgrowth,” Mr Buswell said.

Western Australia, South Australia and Tasmania are the only remaining States thatstill provide a grant to purchasers of established homes.

The FHOG changes are part of the Liberal NationalGovernment’s housing initiatives outlined in the 2013-14 State Budget.

As the amount of the grant is specified in legislation, thechanges were unable to commence until the First Home Owner Grant Act 2000 hadbeen amended.

Following passage of these amendments by the LegislativeCouncil last week, these amendments have now received Royal Assent.

Further information on the changes to the First Home OwnerGrant, including the updated application form and lodgement guide, can be foundon the Department of Finance website

First homebuyers are buying new homes rather than established with new funding grants in place from last week.

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