Purchasing a home for the first time is a major milestone in most Australians lives and something that many of us will only experience once or twice in our lifetimes. With the housing market in a general upturn, now could be the perfect time to consider looking into your first home loan.
Anyone interested in purchasing a new home in Western Australia (WA), or fund the construction of their own first family home, could be interested to hear that the Liberal Government's housing initiatives outlined in the 2013/14 State Budget have been passed the Legislative Assembly.
The details of these changes are an increase of the First Home Owners Grant (FHOG) across the state – increasing from $7,000 up to $10,000 for the purchase of construction of new dwellings across the state.
Treasurer Troy Buswell said that the changes, which were slighted to come into effect on September 15, have been pushed back to October but are well on their way to coming into law.
"This key initiative will continue to support first home buyers, help to increase housing supply and, very importantly, help create jobs in the housing sector in WA," said Mr Buswell in a September 13 statement.
First home buyers who wish to purchase established property will still be entitled to a $3,000 grant, and all first buyers will be exempt from paying transfer duty on properties under the value of $500,000.
All these initiatives are geared towards stimulating the local economy and further developing the housing industry across the state. If you're considering purchasing property for the first time, get in contact with a financial expert about the home loan options available to you.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.