Exciting news for first home buyers in Western Australia! The State Government has raised the Home Buyers Assistance Account (HBAA) purchase limit from $400,000 to $500,000, reflecting the rising property market and making homeownership more accessible.
At Mosaic Settlements, we understand that buying your first home is a significant milestone, and we’re here to help you navigate every step of the journey. This increased limit means more buyers can now access financial support for some of the costs associated with settling into their first home.
What is the Home Buyers Assistance Account?
The HBAA is a government initiative designed to ease the financial burden of purchasing a first home by offering a grant of up to $2,000. This grant can assist with reimbursing eligible expenses such as:
- Settlement agent fees
- Mortgage registration fees
- Loan establishment fees
- Valuation and inspection costs
- Mortgage insurance premiums
- Lending institution fees
Key Details:
- The new $500,000 purchase price limit applies to applications lodged from 16 December 2024.
- If you previously applied and were rejected due to the $400,000 cap but your purchase was below $500,000, you are encouraged to reapply within 90 days of your settlement date.
- This grant does not cover costs such as postage, bank cheque fees, or rates and taxes shared between the buyer and seller at settlement.
- The HBAA is administered by Consumer Protection and is funded through interest earned on real estate agents’ trust accounts.
How Mosaic Settlements Can Help
We are committed to ensuring a smooth and stress-free settlement experience for first home buyers. Our team can guide you through the application process and provide expert advice on maximising your entitlements under the HBAA scheme.
If you’re purchasing your first home and need assistance with your settlement or understanding the financial support available to you, get in touch with our friendly team today.
For more information, application forms are available on the Consumer Protection website. You can also reach Consumer Protection by email or by calling 1300 30 40 54.
At Mosaic Settlements, we’re here to help you achieve your dream of homeownership with confidence.
