With the costs of buying property in WA going up and up, it’s been a tough time for first homebuyers. Again, to all first homebuyers who have managed to scrimp and save to get into
the property market in the last few months, congratulations to you.
In fact, depending on when you purchased your property (and for how much) you may be entitled to the Home Buyers Assistance Account.
Recently, the State Government has been doing some tinkering with the eligibility criteria to reflect the strong growth in property prices, and the difficulty first homebuyers are facing.
So along with removing stamp duty for properties valued at up to $500,000, which has made a difference, they’ve reviewed the Home Buyers Assistance Account, and modified the eligibility
criteria.
For readers who may not be aware, the Home Buyers Assistance Account (HBAA) is designed to assist eligible applicants with a grant of up to $2,000 to reimburse some of the expenses associated when purchasing a property up to $500,000. (the previous limit was $400,000).
Better still, this will apply to applications lodged from 16th December 2024. 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 (and as many first homebuyers will testify, these expenses can quickly add up!)
If you have previously applied for the HBAA and were rejected because your home was above $400,000 but was less than $500,000, then we’d encourage you to reapply provided the application is within 90 days of the settlement date.
The HBAA is a State Government scheme, administered by Consumer Protection, funded from the interest paid on real estate agents’ trust accounts.
Application forms are available on the Consumer Protection website. Enquiries can be made by email or by calling 1300 30 40 54.
Remember, when you choose C & R Settlements, you can use our free courtesy truck when it’s time to make the move. All you’ll need is a standard driver’s licence (and perhaps a few strong mates to lend a hand on moving day). Just be aware that our free courtesy truck is very popular, and bookings are essential.