Increase in First Home Owners Grant 2017
First Home Buyers Grant Increased to $15,000
Effective from January 1, 2017, the First Home Owners Grant will be increased to $15,000.
This will only be for First Home Buyers who are building a new home in Western Australia, to the value of $750,000.
This includes off-the-plan homes, or newly built homes that have not been previously occupied.
The metropolitan income limit for Keystart loans has been increased by $20,000 and will also come into effect in the New Year.
The lending criteria for loans was tightened in the 2014-15 Budget to help pay debt, however the recent success of selling off part of Keystart’s $1.35 billion loan book has allowed the lender to broaden its criteria.
Under the changes, Keystart’s metropolitan income limits are as follows:
- Singles – up to $90,000, previously $70,000
- Couples – up to $115,000, previously $95,000
- Families – up to $135,000, previously $115,000
These important changes to Keystart’s lending criteria will help many of Western Australian singles, couples and families to buy a home of their own where previously they couldn’t.
FIRST HOME BUYER STAMP DUTY
There have been no changes to the exemptions for First homebuyers who purchase vacant land to build their home. They will continue to pay no duty on vacant land purchases up to $300,000.
For more information, visit Lets Finance and fill in their free Finance Health Check to see if you qualify.