WA First Home-Buyers Grant has been increased to $15,000.
In addition Keystart have increased the income threshold in Metro Perth! Singles - $90k Couples- $115k and Families to $135k
FIRST HOME BUYERS GRANT INCREASED TO $15,000
Effective from January 1, 2017, the First Home Owners Grant will be increased to $15,000.
This will only be for First Homebuyers who are building a new home in Western Australia, to the value of $750,000.
This includes off-the-plan homes, or newly built homes that have not been previously occupied.
The metropolitan income limit for Keystart has been increased by $20,000 and will also come into effect in the New Year.
Under the changes, Keystart’s metropolitan income limits are as follows:
Singles – up to $90,000, previously $70,000
Couples – up to $115,000, previously $95,000
Families – up to $135,000, previously $115,000
These important changes to Keystart’s lending criteria will help many of Western Australian singles, couples and families to buy a home of their own where previously they couldn’t.
KEYSTART ONLY REQUIRE 1% GENUINE SAVINGS.
The First Home Owners Grant makes up the rest of the deposit. That means on a $350,000 house you are only required to save $3,500 over a 3 month period.
But wait there's more.....Keystart don't require you to pay LMI, which could save you over $14,000.
$50 per week through construction
And wait, there is still more - During construction it can be difficult paying your rent plus budgeting for your progress payments through construction.
To help you with this, Keystart will allow you to pay $50 Per week through construction.
FIRST HOME BUYER STAMP DUTY
There have been no changes to the exemptions for First homebuyers who purchase vacant land to build their home.
First Homebuyers will continue to pay no duty on vacant land purchases up to $300,000.