First time home buyer programs in Western Australia

In Western Australia, first-time home buyers have access to several programs and initiatives designed to support them in purchasing their first home. These programs aim to make homeownership more accessible and affordable by providing financial assistance, incentives, and support. Here are some of the key first-time home buyer programs available in Western Australia:

1. First Home Owner Grant (FHOG): The FHOG is a national scheme available in Western Australia that provides a one-time grant to eligible first-time home buyers who are purchasing or building a new home. The grant amount varies depending on whether the property is located in a metropolitan or regional area and whether it is being purchased or built. Currently, eligible first-time home buyers in Western Australia can receive a FHOG of up to $10,000 for properties in metropolitan areas and up to $20,000 for properties in regional areas.
2. Keystart Home Loans: Keystart Home Loans is a government-owned lending scheme that offers low-deposit home loan options to eligible first-time home buyers in Western Australia. Keystart provides loans with a deposit of as little as 2% and offers additional benefits such as no lenders mortgage insurance (LMI) and lower entry costs. Keystart aims to help individuals and families who may not meet the criteria for traditional home loans from private lenders.
3. First Home Loan Deposit Scheme (FHLDS): The FHLDS is a federal government initiative that helps eligible first-time home buyers purchase a home with a deposit of as little as 5% without having to pay for lenders mortgage insurance (LMI). Under the scheme, the government guarantees a portion of the home loan, allowing eligible buyers to access a mortgage with a smaller deposit. The FHLDS is available to eligible buyers purchasing properties in Western Australia.
4. First Home Super Saver Scheme (FHSSS): The FHSSS is a federal government scheme that allows eligible first-time home buyers to save for a home deposit using their superannuation funds. Contributions made under the scheme are taxed at a lower rate, and individuals can withdraw these funds, along with associated earnings, to use towards purchasing a home. The FHSSS is available to eligible buyers in Western Australia.
5. State Government Grants and Programs: In addition to national programs, the Western Australian government may offer its own grants, incentives, and programs to support first-time home buyers. These initiatives may include additional grants, stamp duty concessions, or assistance with mortgage insurance premiums. Eligibility criteria, grant amounts, and application processes may vary, so it’s important to research the options available in Western Australia.
6. Home Buyer Assistance Account: The Home Buyer Assistance Account is a state government program that provides financial assistance to eligible first-time home buyers in Western Australia. The program offers a grant of up to $2,000 to help cover incidental expenses associated with purchasing a home, such as conveyancing fees, inspection costs, and mortgage insurance premiums.

These are some of the key first-time home buyer programs available in Western Australia to assist individuals and families in achieving their goal of homeownership. Eligibility criteria, benefits, and application processes may vary for each program, so it’s essential for prospective buyers to research their options and consult with relevant authorities or financial advisors for guidance.