8 Grants to Help you Buy a Home

Entering the property market might seem daunting, but did you know there are multiple State and Federal grants designed to help you get started? You might be eligible for more than one, and some aren't just for first home buyers!

Here is what is currently available:

$10k First Home Owner Grant – by WA Government

In WA, the First Home Owner Grant (FHOG) offers $10,000 as a one-off payment to assist first home buyers to buy an un-lived in brand new home or build a new residential property up to the value of $750,000 for use as their principal place of residence. Not eligible for investment purposes.

First Home Owner Rate of Duty (FHOR) – by WA Government

First home buyers can benefit from reduced stamp duty rates for established homes, new builds and land.

For homes priced up to $450,000, no stamp duty is charged, and for properties between $450,000 and $600,000, a reduced rate applies. There are no concessions for homes priced above $600,000.

For vacant land, no duty is payable for purchases up to $300,000. Between $300,000 and $400,000, a reduced rate applies with no concessions for land purchases over $400,000.

$2k Home Buyers Assistance Account – by WA Government

The Home Buyers Assistance Account reimburses some of the incidental expenses incurred when purchasing a first home up to the value of $400,000 in WA, provided the applicants meet all criteria. Eligible applicants receive a grant of up to $2,000.

Incidental expenses can include mortgage registration fees, solicitor and/or conveyancing fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with the purchase of your first home. New builds under construction not eligible.

Keystart – by WA Government

While banks are often the go-to for home loans, securing one can be tough if you lack a sufficient deposit or don't meet all financial requirements. Keystart makes homeownership more accessible with various loan options, like low deposit and shared ownership loans, with deposits starting as low as 2%, no Lenders Mortgage Insurance (LMI) fees and no savings history required. First-time buyers eligible for the FHOG can use it towards their deposit and there’s even a loan to help you save for an off-the-plan apartment purchase.

Home Guarantee Scheme – by Federal Government

The various Home Guarantee Schemes help eligible buyers purchase a home with as little as two per cent deposit without paying LMI. There are three schemes under the Home Guarantee Scheme:

1. The First Home Guarantee allows first-home buyers with deposits as low as 5 per cent to qualify for a home loan without paying LMI fees. Friends, siblings and other family members will now be able to jointly apply for this and the Regional First Home Buyer Guarantee.
2. The Regional First Home Buyer Guarantee is an expansion of the First Home Guarantee that applies specifically to regional property across Australia.
3. The Family Home Guarantee is designed to help eligible single parents or guardians to purchase a home with a minimum 2 per cent deposit, without paying LMI fees. Unlike the First Home Guarantee which requires a minimum of 5% deposit, single parents will now be able to get a mortgage with a 2% deposit.

Permanent Residents looking to purchase property here in Australia has also become easier with eligibility to access all the above Home Guarantee Schemes.

First Home Super Saver Scheme – by Federal Government

The First Home Super Saver (FHSS) scheme allows first home buyers to save a deposit via their superannuation fund, by making voluntary contributions to your super to help you save.

These voluntary contributions can later be withdrawn (to a maximum of $15,000 in any one financial year and $50,000 across all years), along with associated earnings, to help purchase your first home.

If you want to get into your first home and need to discuss your financial requirements, contact Sarah Chambers, Finance Broker with our partner Lendable. You might be packing your moving boxes sooner than you think!

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Lending services provided by Finex Corporation Pty Ltd T/As Lendable. Corporate Credit Representative 526960 of Australian Credit Licence 410232 / ACN 080 877 498

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Information correct at the time of publishing August 2024.