Home Buyers Assistance Account

first home buyers perth

It is not often someone wants to give you up to $2,000.00 for nothing but for eligible First Home Buyers in Western Australia this can be true!

A grant from the Home Buyers Assistance Account reimburses some of the incidental expenses incurred in connection with the purchase of a first home in Western Australia.  Eligible applicants receive a grant of up to $2,000.00.

This is great news for First Home Buyers!  Prompt Settlements understands that every dollar counts when buying your first home.

Eligibility Criteria

You must meet the eligibility criteria include:

  1. Maximum price of dwelling being purchased $400,000.00
  2. Must not own or previously have owned a dwelling in Western Australia
  3. Must buy through a licensed real estate agency
  4. The dwelling purchased must be financed by a lending institution
  5. The dwelling must be established or partially built at the time of acceptance of the contract
  6. It must be the applicants principal place of residence
  7. The applicant must intend to live in it for at least the first 12 months (you can not rent it out during this time)
  8. The application must be lodged with Department of Mines, Industry Regulation and Safety no more than 90 days after the date on which the offer to purchase the dwelling was accepted.

For full details and eligibility criteria click here.

What if my partner owns or has owned a dwelling before am I still eligible

If one of the applicants owns or has owned a dwelling in Western Australia, then a partial grant may be made to the first home buyer applicant equal to the percentage of their interest in the dwelling (provided all other criteria are satisfied).

Who provides the Grant

The Home Buyers Association Account scheme, administered by the Consumer Protection Division of The Department of Mines, Industry Regulation and Safety is funded from the interest paid on real estate agents’ trust accounts.

What is an incidental expense

The grant can reimburse incidental expenses including mortgage registration fees, settlement agent fees, valuation and inspection fees, loan establishment fees, mortgage insurance premiums and lending institutions fees associated with buying a home.

Application Forms are available Department of Commerce website.

First Home Buyers Grant

In addition to the Home Buyers Assistance Account, first home buyers may also be eligible for the State Governments First Home Owners Grant.

Stamp Duty

There are concessional rates of duty for first home buyers, this can save you thousands of dollars! More information and calculators are available on the Office of State Revenue website.

Settlement Agent

Prompt Settlements has fixed settlement agency fees helping you stay within budget when buying your first home don’t forget to appoint Prompt Settlements on the offer and acceptance.

We look forward to working with you soon!  Call us on 08 9354 0300 or Email Evelyn in South Perth office or Jacquie in Northam Office.

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