Australia offers a variety of schemes and grants to support first home buyers in their journey to homeownership. Here, we’ll dive into the main grants available to first home buyers in WA.

Let’s start by clarifying who qualifies for these grants. A first home buyer is defined as an individual or couple, over the age of 18, purchasing their first residential home in Australia. Not sure if you meet the criteria?  It’s always a good idea to consult with your financial advisor, mortgage broker, or settlement agent for guidance.

Now, let’s explore the exciting grants that can make your dream of owning a WA home a reality.

Assistance available from the Federal Government:

  1. First Home Guarantee – The First Home Guarantee is a nationwide program available to Australian citizens. It provides a unique opportunity for eligible buyers to skip Lenders Mortgage Insurance (LMI), which is typically required for deposits under 20%. Instead, this scheme allows purchasers to secure their first home with as little as a 5% deposit. Find out more here.
  2. First Home Super Saver Scheme – This scheme helps you save money for your first home within your super fund. By making voluntary contributions, you can gradually build your savings. Once you meet the eligibility requirements, you can have these contributions released, along with associated earnings, to assist with your first home purchase. Read on here to find out more.

Help available from the WA Government:

In addition to federal support, states and territories across Australia offer further assistance to help you access your dream home quicker. Discover a breakdown of available grants specifically for first home buyers in Western Australia below.

WA First Home Owner Grant

The First Home Owner Grant (FHOG) is a valuable opportunity for first home buyers. By providing a one-time payment of $10,000, it offers significant financial assistance in purchasing or constructing their first residential property. This grant is exclusively designed to help you acquire your primary place of residence.

First Home Buyers Assistance

This grant offers eligible applicants up to $2,000 to cover incidental expenses related to purchasing a new home. These expenses can include mortgage registration fees, conveyancing fees, as well as inspection or valuation fees. It’s important to note that this grant is specifically designed for residential properties with a price cap of $400,000

Stamp Duty Rebate

The WA Government extends its support to First Home Buyers by offering a lower or exempt rate of payable duty. If your property’s value is at or below $430,000, you will be completely exempt from paying stamp duty. For properties valued between $430,000 and $530,000, a reduced rate of $19.19 for every $100, or part of every $100, above $430,000 will be charged.

Keystart

Western Australians also have the benefit of Keystart, which provides low deposit home loans without the need for LMI. Typical industry requirements dictate a minimum deposit of around 5%, but with Keystart, you can secure a loan with just a 2% deposit. Moreover, Keystart offers reduced loan repayments during the construction of your new home. To explore your options further, we highly recommend reaching out to a knowledgeable Keystart representative to discuss the current policy offerings and conditions.