Great news for first-time home buyers! The WA Government has raised the Home Buyers Assistance Account (HBAA) limit from $400,000 to $500,000, reflecting the rising property prices in WA.
This increase means that eligible first home buyers can now receive a grant of up to $2,000 to help cover some of the incidental expenses associated with purchasing a property up to $500,000. This change applies to applications lodged from December 16, 2024. The grant can be used to reimburse various expenses, including:
- Mortgage registration fees
- Settlement agent fees
- Valuation and inspection fees
- Loan establishment fees
- Mortgage insurance premiums
- Lending institutions’ fees
Please note that postage, bank cheque fees, rates and taxes on the property, which are split between the purchaser and vendor at settlement, are not covered by the grant.
If you have previously applied and were rejected because your home was priced above $400,000 but below $500,000, you can reapply within 90 days of your settlement date.
A guide for first home buyers & Application forms are available on the Consumer Protection website.
First National Real Estate Karratha have the ideal first home properties available for sale! Contact Debbie Kay for more information on 0488 771 611 or email on debbie.kay@kfnr.com.au.
If you have further queries regarding this program, you can contact Consumer Protection by email or by calling 1300 30 40 54.