• The first home owners grant of $10,000 for a brand new property (a property that has never been lived in), or construction of a new home.
  
  
• No transfer stamp duty on an established property purchase costing up to $430,000 (A saving of up to $14,440) Discounts on stamp duty for property purchases between $430,000 and $530,000.
  
  
• No transfer stamp buy on vacant land purchase costing up to $300,000. Discounted transfer stamp duty on vacant land costing between $300,000 and $400,000

The First Home Buyers Assistance Account

The next grant I will look at is the first home buyer's assistance account. This is a rebate of up to $2,000 if you are a first home buyer or buyers, and you purchase an established property for up to $400,000. The property must be purchased through a licenced real estate in Western Australia.

Some of the conditions with the first home buyers assistance account –

• The price of the dwelling must be within the maximum price limit for dwellings purchased in Western Australia. The price limit relates to the total price of the dwelling and not the percentage of the applicant’s purchase. The current prescribed limit is $400,000.
  
  
• The applicant(s) must not own or have previously owned a dwelling in Western Australia. If one of the applicants owns or has owned a dwelling in Western Australia, then a partial grant may be made to the first home buyer applicant(s) equal to the percentage of their interest in the dwelling (provided all other criteria are satisfied).
  
  
• The dwelling must have been purchased through a licensed real estate agency carrying on business in Western Australia.
  
  
• The dwelling must be established or partially built at the time of acceptance of the contract to purchase, not a plan to build a dwelling.
  
  
• The dwelling purchased must be the applicant(s) principal place of residence.
  
  

The First Home Guarantee Scheme

The next scheme I will look at is the first home guarantee scheme. The first home guarantee scheme is where the federal government will guarantee your home loan which enables an eligible first home buyer to borrow up to 95% of the property value and not pay a mortgage insurance fee. This is a big saving.

Another benefit if the first home guarantee scheme is that with some banks you will also get a better variable interest rate with your home loan. This is because the home loan is guaranteed, and not mortgage insured.

Some of the conditions of the first home guarantee scheme –

• You must be an Australian Citizen or a permanent resident of Australia (Permanent resident has the same meaning as in the Australian Citizenship Act 2007 (Cth).)
  
  
• Your income must be no more than $125,000 per annum as an individual or $200,000 for couples, as shown on your latest notice of assessment (issued by the Australia Taxation Office)
  
  
• The property you buy must be owner occupied ( You must live in the property)
  
  
• You must be either a first home buyer or a previous homeowner who hasn't owned a property in Australia in the past 10 year.
  
  
• Be at least 18 years of age.

There are maximum purchases prices based on location in Western Australia, they are -

1/ In a capital city (Perth) - $600,000

2/ In other parts of the state in Western Australia - $450,000

Not all banks are a part of the first home guarantee scheme. You also might be eligible for each grant as a first home buyer, as the grants are independent of each other and subject to their own conditions. 

If you would like more information on what grants or schemes you might be eligible for as a first home buyer, please have no hesitation contacting Perth Mortgage Broker Group, or call Troy on 0411 229 602, and I can let you know your eligibility for each grant or scheme.