First Home Buyers Scheme in Perth 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.

Table of Contents  

  • 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:

  1. First Home Buyer Status: You must be a genuine first-time home buyer who has never owned a residential property anywhere in Australia.
  2. Residency: You must be an Australian citizen or a permanent resident.
  3. Age Restriction: There is no specific age restriction, but you must be at least 18 years old.
  4. 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.
  5. 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:

  1. 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.
  2. 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.
  3. 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.
  4. Deposit Support: The government may provide deposit support to eligible applicants, helping them meet the minimum deposit requirements for securing a home loan.
  5. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.

Christine Cappas
Christine Cappas
Mike is a truly genuine person who cares about his client. From the start he was very transparent and let me know how everything works, he is very knowledgeable and knows his stuff! I completely trust him in buying and buying my first home
Monserrat Reuter
Monserrat Reuter
I built my first home all on my own thanks to Sev and Marlise. I don’t even know where to start as words cannot describe how grateful I am that I found these two. To build my own home was only a dream that Sev and Marlise helped make into a reality. The unconditional support and dedication towards whatever I needed throughout the whole process made me feel so safe and looked after. Even though I built my dream home on my own it never felt that way, it didn’t matter the time or day, these guys went out and beyond for me with every detail and step of the process. They are people of their word that you can genuinely trust in this dog eat dog world. They are upfront and honest, it was never about the money but how you felt leaving their office. I had many friends and family tell me about the awful experiences they had building with other companies, so naturally I was a little frighten and on guard but Sev me Marlise squashed this with one meeting. But the biggest thing I can say about Sev and Marlise is that my experience was incredibly fulfilling and wholesome and I am so grateful for them and their expertise and professionalism. If I ever decide to build again I know exactly where to go! Thank you guys so much for all the love and support which has continued even after the build. Much love to you all!! 😊
Ashley De Faria
Ashley De Faria
Sev and Marlise were so incredible throughout our time with them. We’re so happy that we got to work along side an epic team. My partner and I had a vision, Sec and Marlise happily put up with our pickiness and changes (including after hour messaging), and did everything they could do bring that to life. They are so warm and welcoming too making this whole crazy big process more enjoyable. I couldn’t recommend these two enough!
Raphaela & Amelia Jay
Raphaela & Amelia Jay
Mike was wonderful from the beginning and still helpful. We were about to give up Building but Mike assured us that he will definitely make it happen. Thank you Mike
Errin Patsy
Errin Patsy
Contacted Mike by chance for a new build and was met with honest and factual help. Excellent follow up and support, Mike is reliable and will go out of his way to get the best deal.
Rhys Crawford
Rhys Crawford
Mike has been helpful and reliable in getting my first home build started and well on its way to a timely completion. I recommend his services to anybody looking to build a new home!
Natasha Hanisch
Natasha Hanisch
When searching for a home loan you need to be able to rely on someone you can trust to be able to present you with all the options available and give you the right information to make the right decisions. Mike King from Better Way 2 Build is able to do all of this and so much more, with his extensive experience and knowledge he was able to answer confidently and made us feel at ease using Better Way 2 Build. Everything was handled quickly, efficiently and his customer service is the best you could find anywhere else. "Thanks Mike for helping change our lives.”
Mk Ultra
Mk Ultra
Mike King has helped my little family get into our own home by guiding us through everything that is to know for building a house. I did not know anything about building, I was shown and given 100% support for the process of owning my own home and I am still being supported during the build. I was given an amazing package deal much cheaper then I predicted with heaps of extras, in the location I wanted. Mike King has made it easy to understand the process and I would highly recommend him.