First home buyers WA

The recent cuts to home loan interest rates are encouraging first-home buyers back to the property market. Many mortgage brokers and economists agree that the combination of lower interest rates and falling property prices, the easing of petrol prices, and the continuing First-home buyer grant results in this being a good time to buy your first house.

First home buyers in Western Australia are able to buy their first home with some considerable assistance from the government.

There is the first home owners grant, as well as some stamp duty concessions available to first home buyers.

First Home Owner Grant
The boost to the grant is due to end on 31 December 2009.  The original first home owners grant of $7,000 is still available to eligible first home buyers after this date.  This grant is available for people buying an established home or building a brand new home.

The Federal Government increased the grant in 2008 to boost the property market during tough economic times but is now winding the grant back to the original $7,000.  The grant is designed to help first home buyer onto the property ladder.


Requirements:
• You must be an Australian citizen or permanent resident who has never owned property in this country
• You must have lived in Australia for at least six months;
• You must be over 18-years old
• You must live in the property for six of the twelve months following purchase.


Stamp Duty Concessions
First home buyers who are eligible for the FHOG can also claim the First Home Owner Rate which offers concession to stamp duty. First home owners in WA do not pay stamp duty on properties up to the value of $500,000 and properties valued between $500,000 to $600,000 attract a concessional rate.

The stamp duty concessions are a considerable assistance for many first home buyers and can add up to nearly $7,000 on a $250,000 property. Being able to save on your stamp duty fees will go along way to helping you afford to buy your first home.

You can decide to use the grants to cover extra costs such as legal fees, property inspections and stamp duty. Or you may choose the use the grant as a deposit for your first home. However you use the grant if up to you, but you can gain some useful information about the best way to maximise the grant by talking to your mortgage broker or financial planner.


Worried if you can really afford to buy?
Talk to a local mortgage broker to find out how much you can borrow and how much your repayments would be. Ask your broker to help you set out a budget and a plan, and let them find you a great first home loan to match your requirements.


As a first home buyer, you will probable have lots of questions. Talking to a mortgage broker not only opens up more choice for you, you also get a guiding hand through the process, from start to finish.

Contact your local mortgage broker by calling .