First Home Buyers Scheme in Perth 2023

3 November 2023

First Home Buyers Scheme in Perth 2023, the picturesque capital city of Western Australia, offers a vibrant lifestyle, stunning natural beauty, and a thriving economy. It’s no wonder that more and more people are dreaming of owning their first home in this dynamic city. Thankfully, the government has recognized the importance of helping first-time buyers achieve this dream and has introduced the First Home Buyers Scheme. In this comprehensive guide, we will explore everything you need to know about the scheme, the benefits it offers, and how you can make the most of this opportunity.

What is the First Home Buyers Scheme?
Eligibility Criteria for the Scheme
Benefits of the First Home Buyers Scheme
How to Apply for the Scheme
Frequently Asked Questions (FAQ)

What is the First Home Buyers Scheme?

The First Home Buyers Scheme, also known as the FHBS, is a government initiative designed to assist first-time home buyers in Perth. The scheme aims to make home ownership more accessible and affordable by providing financial support to eligible individuals or couples. It is targeted towards those who have never owned a property before and are looking to purchase or build their first home.

Eligibility Criteria for the Scheme

To qualify for the First Home Buyers Scheme in Perth, you must meet certain criteria set by the government. These criteria include:

First Home Buyer Status: You must be a genuine first-time home buyer who has never owned a residential property anywhere in Australia.
Residency: You must be an Australian citizen or a permanent resident.
Age Restriction: There is no specific age restriction, but you must be at least 18 years old.
Income Limit: Your total annual income should be below a certain threshold, which is subject to change. It is advisable to check the latest income limits set by the government.
Property Value Limit: The purchase price or property value of the home you are buying or building must fall within the defined limits set by the government.

Benefits of the First Home Buyers Scheme

The First Home Buyers Scheme offers several benefits to eligible individuals or couples. These benefits include:

Stamp Duty Concessions: Under the scheme, first home buyers may be eligible for stamp duty concessions or exemptions, reducing the overall cost of purchasing a property.
First Home Owner Grant: In addition to the FHBS, first-time buyers may also be eligible for the First Home Owner Grant, a one-time payment provided by the government to support home ownership. The grant amount varies based on factors such as the property value and location.
Access to Superannuation: The scheme allows eligible individuals to access a portion of their superannuation funds to contribute towards the purchase or construction of their first home, providing additional financial support.
Deposit Support: The government may provide deposit support to eligible applicants, helping them meet the minimum deposit requirements for securing a home loan.
Home Loan Guarantees: The scheme offers guarantees to eligible first home buyers, allowing them to secure a home loan with a smaller deposit, reducing the financial burden.

How to Apply for the Scheme

Applying for the First Home Buyers Scheme in Perth involves several steps. Here’s a general overview of the application process:

Research and Planning: Start by researching the scheme, understanding the eligibility criteria, and assessing your financial situation. Plan your budget and determine the type of property you want to buy or build.
Pre-approval for Finance: Get pre-approval for finance from a reputable lender or a mortgage broker. This will give you a clear idea of how much you can borrow and the price range of properties you can consider.
Property Search: Once you have pre-approval, start searching for properties that meet your criteria. Consider engaging a real realtor to assist you in finding suitable options within your budget.
Making an Offer: When you find a property that you like, make an offer and negotiate the terms of the purchase. Engage an attorney or conveyances to handle the legal aspects of the transaction.
Applying for the Scheme: After signing the contract of sale, you can apply for the First Home Buyers Scheme. Gather all the necessary documents and submit your application to the relevant government authority.
Approval and Settlement: If your application is approved, you will receive confirmation and instructions on the next steps. Arrange for settlement and complete the purchase process with the assistance of your attorney or conveyance.
Enjoying Your New Home: Once the settlement is complete, you can move into your new home and enjoy the benefits of home ownership.

Frequently Asked Questions (FAQ)

Q1: Can I apply for the First Home Buyers Scheme if I am buying land to build a house?

Yes,you can apply for the First Home Buyers Scheme if you are buying land to build a house. The scheme supports both purchasing an existing property and building a new home. However, there may be specific requirements and criteria that you need to meet when applying for the scheme for building purposes. It is advisable to consult with the relevant government authority or seek professional advice to ensure you meet all the necessary guidelines.

Q2: Can I apply for the First Home Buyers Scheme if I have previously owned a property overseas?

The First Home Buyers Scheme specifically caters to individuals who have never owned a residential property in Australia. If you have previously owned a property overseas but have never owned one in Australia, you may still be eligible for the scheme. However, it is essential to check the specific eligibility criteria and requirements to confirm your eligibility.

Q3: How can I check the latest income and property value limits for the First Home Buyers Scheme?

The income and property value limits for the First Home Buyers Scheme may change over time due to various factors. To check the latest limits and ensure you meet the eligibility criteria, you can visit the official website of the relevant government authority responsible for administering the scheme. They will provide up-to-date information and guidelines regarding the scheme’s requirements.

Q4: Do I need to repay the First Home Owner Grant?

The First Home Owner Grant (FHOG) is a one-time payment provided by the government to support first home buyers. It is not required to be repaid under normal circumstances. However, specific conditions and obligations may apply, and it is crucial to understand the terms of the grant to ensure compliance. Seeking professional advice or referring to the official guidelines can provide you with accurate information regarding the FHOG.

Q5: Can I combine the First Home Buyers Scheme with other government assistance programs?

Yes, it is possible to combine the First Home Buyers Scheme with other government assistance programs, such as the First HomeOwner Grant or other state-specific schemes. However, the eligibility criteria and requirements for each program may differ, and it is essential to understand the specific guidelines and limitations of each program. Seeking professional advice can help you navigate the process and maximize the benefits available to you.

Take the First Step with Betterway2build

At Betterway2build, we are committed to helping you turn your dream of owning a home in Perth into a reality. Our team of experts specializes in navigating the First Home Buyers Scheme and can guide you through every step of the process. Don’t miss out on this incredible opportunity. Contact us today at 08 6118 6119 and let us help you build a better way to your first home.

Article by Mike King

With over 30 years of experience in the building industry in Western Australia, I have developed a deep understanding of what it takes to successfully navigate the home building process, from finance to handover. My role as a building broker allows me to address the gaps in the industry by providing clients with tailored options and acting as their advocate, ensuring a smooth and fulfilling experience in achieving their dream home. Through my company, Better Way 2 Build, I am dedicated to helping individuals from all walks of life by offering expertise, empathy, and transparency throughout the home building journey.