Have You Taken Advantage of the First Home Buyers Assistance Scheme?

If you’re in the market for a new home in Western Australia, you may have heard of some of the first homeowner grants and assistance schemes on offer.

As part of the home buyer assistance scheme, eligible first home buyers can apply for a home buyer assistance account which entitles you to a grant of up to $2,000.

First home buyers can use the grant to spend on incidentals such as mortgage registration, conveyancing, valuation fees, inspection fees, establishment fees, Lenders Mortgage Insurance premiums, and other associated fees with buying your first home.

WHAT ARE THE ELIGIBILITY CRITERIA?

The first criteria are being a first home buyer – you must not own or have previously owned a house (or other dwelling such as unit, flat, or apartment) in Western Australia. If one of the applicants (in a joint purchase) has owned a house, a partial grant may be approved equal to their stake in the property.

The price of the house must be within the maximum price limit for houses purchased in Western Australia. This limit is currently $400,000.

The house must be purchased through a licenced real estate agency and financed by a lending institution such as a bank or a non-bank lender.

Applicants must live in the house for at least the first 12 months; they may not rent out the house during that period. There are also exceptions for fixed tenancy agreements, which are detailed here.

MAKING A FIRST HOME BUYERS ASSISTANCE ACCOUNT APPLICATION

Applicants are instructed to complete Section A of the application and have it signed and witnessed. A list of authorised witnesses is available on the application.

You will need to lodge the form with your lender or bank with a copy of your:

• Signed and dated Offer and Acceptance document.
• The Final Settlement Statement with a breakdown of costs you incurred during the property purchase. This is prepared by a conveyancing agent or a solicitor.
• An invoice and proof of payment for any inspection fees, if you have them.

Your lender or bank will submit the form on your behalf.

WHEN DO I HAVE TO LODGE THE APPLICATION?

You’ll have to get all these documents and proof of purchases together and submit to your bank or lender within 90 days after settlement. Some late lodgements may be allowed on reasonable grounds. If you have trouble with your application, you can call the WA Consumer Protection Advice Line on 1300 304 054.

KDD CONVEYANCING CAN HELP WITH YOUR FIRST HOME BUYER ASSISTANCE APPLICATION

KDD can make the lodgement process easy by giving you the final settlement statement as per requirements. We can also prepare supporting documentation such as the Contract of Sale, otherwise known as the Offer and Acceptance letter confirming settlement date. We can also provide receipts for accounts if they’ve been paid by us on your behalf, such as inspection fees, valuation fees, title insurance, and anything else you can claim under the First Home Buyer Assistance Scheme.

HOW KDD CONVEYANCING CAN MAXIMISE THE VALUE OF YOUR HOME BUYER ASSISTANCE ACCOUNT

KDD Conveyancing has helped dozens of Perth and Western Australia residents reach fast and cost-effective settlements, making their Home Buyer Assistance Account grant go further. We’re one of the most trusted and highly rated settlement agencies in the Perth area; we also help with buying or selling properties.

If you want to know more about the first home buyer assistance account or have questions about settlement and conveyancing, contact us at (08) 9296 8717 or reception@kddconveyancing.com.au!