This article is from the Australian Property Journal archive
WESTERN Australia’s Cook government has expanded a grant scheme that now allows first home buyers access to $2,000 for purchases of up to $500,000.
The Homer Buyers Assistance Account (HBAA), administered by Consumer Protection, previously offered grants for properties bought for $400,000 or less.
They must be purchased through a licensed real estate agency operating in Western Australia, be the applicant’s primary residence for at least 12 months, be an established or partly-built home, and the application submitted within 90 days of settlement.
First home buyers who previously missed out on the scheme due to property value limits between $400,000 and $500,000 are encouraged to apply if eligible and still within 90 days of settlement.
The scheme is funded by the interest derived from the trust accounts of real estate agents and aims to assist first-time buyers cover costs such as stamp duty, legal fees and mortgage insurance.
So far this financial year, the HBAA has distributed $422,297.87 to 217 first home buyers.
Western Australia also offers a first home owner grant, a one-off payment for first home buyers to buying or building a new residential property for use as their principal place of residence.
The grant is $10,000 or the consideration paid to buy or build the house if less than that amount. One grant is payable per eligible transaction.
Housing affordability declined at its smallest rate in the September quarter since the same period in 2023, according to the REIWA. While incomes have been rising and house price growth is slowing, Perth is tipped to continue seeing both strong and nation-leading price growth in 2025.
