Navigating the various grants and schemes available to first home buyers in Western Australia can seem overwhelming, but having a clear understanding of these options can simplify your journey to homeownership.
This page provides straightforward, easy-to-follow information about the various government programs and grants available to first home buyers in Western Australia.
Grants and schemes available for first home buyers in Western Australia
| First Home Owner Grant | Stamp duty exemptions and concession | |
| Acronym | FHOG | |
| Region | Western Australia only | Western Australia only |
| Location | Metro or regional | Metro or regional |
| Description | The First Home Owner Grant (FHOG) is a one-time payment of $10,000 to help first home buyers purchase a new or substantially renovated home. | Stamp Duty exemption or concession is available to first home buyers purchasing new or established homes under a certain value. |
| Property type | New homes and properties that have been substantially renovated. | New and established homes. |
| Minimum deposit | No minimum | No minimum |
| Property value limit | $750,000 for the value of the home (both house and land combined). | Up to $530,000 for the full exemption. |
| Owner occupied or investment | Owner occupied only | Owner occupied only |
| Number of places for FY24 | Unlimited | Unlimited |
| Income limit | Not means tested | Not means tested |
| Borrower eligibility | Must be a first home buyer, Australian citizen or permanent resident, and at least 18 years old. | Must be first home buyers and meet certain residency requirements (Australian citizen or permanent resident, over 18 years). |
| Purchasing history | Applicants or their spouse must not have owned any property in Australia before. | Applicants or their spouse must not have previously owned any property in Australia. |
| Requirements for living in the property | The property must be owner-occupied and the buyer must live in it for at least 12 months within the first year after purchase. | The property must be owner-occupied and the buyer must live in it as their primary residence for at least 6 continuous months after settlement. |
| Link to more information | Western Australia Revenue Office – FHOG | Stamp duty exemptions and concessions |
First home owner grant
The First Home Owner Grant (FHOG) in Western Australia provides a one-time payment of $10,000 to assist first home buyers in purchasing a new home. The grant is available for properties valued up to $750,000 and applies to both metropolitan and regional areas. It is designed to make the process of buying your first home easier and more affordable.
To qualify, the property must be newly constructed or substantially renovated, and the home must be used as the buyer’s owner-occupied property. There are no income limits for this grant, and it is available to both individuals and couples. As a first home buyer, there’s no need for a large deposit, and the grant can assist with the initial costs.
For more information, visit the Western Australia Government First Home Owner Grant page.
Stamp Duty exemptions and concessions
Read about the stamp duty exemptions and concessions available to first home buyers in Western Australia here
UFinancial’s full support for first home buyers
At UFinancial, we understand that buying your first home is an exciting, yet complex journey. Our mortgage brokers will guide you every step of the way, ensuring you make the most of the government grants and schemes available. Here’s how we help:
- Expert guidance: From determining your eligibility to handling all necessary documentation, we make sure you don’t miss any crucial steps.
- Access to multiple lenders: We work with over 40 lenders to find the best loan options for your needs, ensuring you get the best deal possible.
- No-cost services for first home buyers: Our services are free for first home buyers, as we’re compensated by the lender you choose. This means you get expert advice at no extra cost.
- Comprehensive buyer support: We offer personalised assistance with property searches, property evaluations, and advice throughout the buying process, ensuring you feel supported every step of the way.
Ready to get started?
If you’re ready to take the next step toward homeownership, or if you need help navigating the First Home Buyer Grants and Schemes, contact a UFinancial team member today to find out how we can assist you in securing the right home loan for your first home purchase.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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