First home owner grant puts another $5000 in the pockets of buyers!
It will be a Happy New Year for hundreds of would-be home owners after the WA Government announced an extra $5000 for people wanting to build their first home.
The grant for new construction — now worth $15,000 for people who enter contracts between January 1 and December 31, 2017 — comes with new opportunities for median-income buyers to access loans through Keystart.
Now Living General Manager Troy Gorton said the changes were great news for people wanting to purchase their first home. “The higher $15,000 First Home Owners Grant only applies to new homes, and that can be through building or purchasing a fully complete, new-build home,” he said.
“Applicants will need to enter into contracts by December 31 and construction will need to start within 26 months of signing and be finished within 18 months.”
The construction of off-the-plan home, including apartments, will need to be completed by June 30, 2019.
“This is a fantastic opportunity for first-time buyers to secure a home they love in a suburb that works for them,” Mr Gorton said.
“With our turnkey homes, people can start living from day one as all the details are taken care of in the initial fixed price*. All you need to bring is you and your furniture.”
Now Living has also welcomed an increase in the metropolitan income limit that applies to people seeking a Government Keystart loan. Keystart loans are variable rate loans that require low deposits, and are available to medium income earners on as little as a 2 per cent deposit — a fraction of the 10 to 20 per cent required by many bank lenders.
Announcing the change late last year, Premier Colin Barnett said the change was expected to allow another 2200 loans to be approved in the next few years. Keystart’s lending criteria now allows single people living in the city to earn up to $90,000 before they are ineligible for a loan, up from $75,000 previously. Couples can earn a combined $115,000, up from $95,000, while families can earn up to $135,000 instead of $115,000 before they no longer qualify.
“The message to first home buyers is that 2017 is the time to build and buy,” Mr Gorton said.
“There’s never been a better opportunity to get a brand-new home that you will love from the day you move in.”
Find out how Now Living can help you get into a home you love sooner, with none of the hassle, so you can start living straight away. Find out more here.