The State Government announced today a change to the First Home Owner’s Grant. The boost, was due to expire on the 31st December 2017, is now expiring on the 30th June 2017.
In December 2016 the existing grant for new construction was increased from $10,000 to $15,000 to stimulate First Home Buyer activity and consequently, increase in construction.
According to Treasurer Ben Wyatt, the increase has not resulted in a boost, and by reducing the grant the State Government looks to save $20 million.
This comment is in stark contrast to REIWA’s recent announcement this month stating First Home Buyers were the most active in the Perth market.
“First homebuyers remain active and continue to take advantage of improved affordability and choice in the market to secure a property that meets their needs,” REIWA president Hayden Groves said.
In December My Wyatt said he supported the increased grant and vowed to continue with the incentive should Labor win the State Election.
First Home Buyers can continue to take advantage of the $15,000 grant provided a contract is entered into PRIOR to the 1st July 2017, and construction of the development is completed by 30 June 2019.
For more information on the change to the First Home Owner’s Grant please visit: https://www.finance.wa.gov.au/cms/News/State_Revenue/Change_to_the_First_Home_Owner_Boost.aspx
For more information on eligibility, please visit: https://www.finance.wa.gov.au/cms/State_Revenue/FHOG/First_Home_Owner_Grant.aspx