There has never been a better time to build!
Building a new home in Perth has never been more attractive as the WA State Budget for 2015-16 keeps the $10,000 First Home Owner Grant in effect for First Home Buyers.
The outlook however has not been as positive for those looking at purchasing an established property with the grant axed entirely. In 2013, it was slashed from $7000 to $3000 and the reduction to $0 brings WA in line with other states initiatives.
There is speculation that the change to the grant is to help reduce the current deficit, saving the State Government about $109 million over four years.
Treasurer Mike Nahan said the change was in agreement with the State Government’s policy objective of focusing financial support on residential construction.
The stamp duty exemption for first home buyers purchasing a Home & Land Package with a lot under $300,000 stayed the same. REIWA president David Airey welcomed the hold and sees it as a huge benefit to all first time buyers.
Want to know if you qualify for the First Home Owner Grant? Get in touch today!