The First Home Owners Grant is a grant of $15,000 (currently boosted until 31 December, 2017) paid to eligible first home owners purchasing their first home in Australia. The information below is specific to Western Australia however much of it will hold true for applicants in other states.
Since October 3, 2015 first home buyers building their first home have been eligible to receive a $10,000 grant. This has since been bosted to $15,000 until the end of 2017.
There is no longer a grant available for first home buyers purchasing an established property however stamp duty concessions are still applicable.
In most instances the first home owners grant application is lodged with the financier providing the home loan. The funds from the grant are paid direct to the lender and are made available to your conveyancer (or other legal representation) at settlement.
The information below is general only and not intended to be specific to your situation. If in doubt it’s best to contact the administering governing body in your state. In Western Australia the grant is administered by the Department of Finance.
The following criteria have been taken from the First Home Owners Grant application form located here.
If you’re unsure of whether you meet any of the above criteria it’s best to check with the relevant government department in your state.
In Western Australia there is no stamp duty payable for first home owners purchasing up to $430,000. Between $430,000 and $530,000 a discounted rate applies. First home owners purchasing above $530,000 incur the full rate of duty.
Many first home owners don’t realise that the Stamp Duty concessions can actually be more valuable than the former grant. The graph below details the current rate of duty in Western Australia that would be applicable to various property purchase prices for established properties.
The purple bars show the stamp duty payable by non-first home buyers. The discounted rate for eligible first home buyers is shown in grey.