A total of 3,093 home buyers grants achieving a near-record $6 million were paid by the Western Australian government in 2020-21.
The state’s Home Buyers Assistance Account (HBAA) grants offer up to $2,000 to eligible first home owners, and can reimburse some of the expenses associated with a home purchase such as settlement fees or the costs attached to lending institutions and mortgage insurance.
“The number of grants being awarded to first home buyers shows that it’s not only established home owners or investors showing interest in the WA property market,” WA commerce minister Amber-Jade Sanderson said.
“We are pleased to be able to provide financial assistance that makes buying a first home a more attractive proposition and encourages people to move into home ownership.”
To be eligible for the HBAA scheme, applicants must be purchasing their first property to the value of $400,00 or less. The owner must also live in the property as their primary residence for 12 months.
Consumer Protection administers the grants and, requires purchased properties to be an established or partly built home, not an off-the-plan purchase.
Applications should be made to Consumer Affairs within 90 days of settlement.
“HBAA grants are highly valued by new home owners who often spend the money on furniture, landscaping or establishing outdoor entertainment areas,” Sanderson said.
“I urge those eligible for these grants to submit an application.”
Grants awarded this financial year were almost on par with the record grants the WA government paid in 2012-13 amounting to $6.3 million.
Funds for the scheme are derived from the interest earned from the trust accounts of WA real estate agents.