In follow up to our First Homebuyer Playbook, we’ve created the blog post below to cater for updated initiatives.
Unlocking opportunities
Embarking on the journey to homeownership can feel daunting, but did you know about the plethora of State and Federal initiatives available to assist you in taking that crucial step? At Mosaic Settlements, we’re committed to helping prospective home buyers navigate these programs, ensuring they make informed decisions tailored to their needs.
Unveiling State Initiatives
First Home Owner Grant (FHOG): Administered by the WA Government, FHOG offers a $10,000 grant for purchasing or constructing a new home, subject to specific price thresholds. However, it’s essential to note that this grant does not extend to established homes.
First Home Owner Rate of Duty (FHOR): First home buyers in WA can benefit from reduced stamp duty rates for both established homes and vacant land, with thresholds based on property values. However, as house prices continue to rise, there are calls for adjustments to these thresholds to reflect current market realities.
Home Buyers Assistance Account: Designed to alleviate some of the ancillary expenses associated with home purchase, this initiative offers eligible first home buyers up to $2,000 to cover expenses such as conveyancing fees, valuation fees, and mortgage registration fees.
Keystart: As an alternative to traditional banking institutions, Keystart aims to make homeownership more accessible by offering loans with low deposits, shared ownership options, and tailored solutions for off-the-plan purchases. With Keystart, qualifying buyers can secure loans with deposits as low as 2 per cent, without the burden of Lenders Mortgage Insurance (LMI).
Exploring Federal Programs
Home Guarantee Scheme: Under various schemes like the First Home Guarantee and Regional First Home Buyer Guarantee, eligible buyers can secure homes with minimal deposits, thereby bypassing LMI fees. Additionally, the Family Home Guarantee assists single parents or guardians in purchasing homes with a 2 per cent deposit.
First Home Super Saver Scheme (FHSS): This Federal initiative allows first home buyers to save for a deposit through their superannuation fund, offering tax advantages and the flexibility to withdraw funds (up to specified limits) for property purchases.
Expert Guidance and Support: Your Partner in the Property Journey
At Mosaic Settlements, we understand that navigating these initiatives can be overwhelming. That’s why we’re here to provide expert guidance and support, ensuring that you leverage the available resources to fulfil your homeownership dreams. Whether you’re a first-time buyer or seeking to capitalise on emerging opportunities, trust Mosaic Settlements to be your partner in the property journey. Book in with our expert conveyancing staff today.
