Is 2024 a good year to build your first home?
2024 is a great year to build your dream home in WA and get your life started! Perth is a great location, currently with one of the lowest median house prices in any Australian capital city. Building your first home is an exciting prospect, with a range of land options and construction materials available in WA. As the construction backlog is coming to an end, now is a great time to assess your finances. One of the best ways to save on building your home is to take advantage of offers available to first home buyers.
WA incentives for first home buyers
The WA First Home Owners Grant (FHOG) is available to all Australian citizens, permanent residents and NZ citizens – which gives you $10,000 towards your build. In addition, first time house buyers in WA also qualify for stamp duty waivers under the ‘First Home Owner Rate of Duty’. There is no stamp duty payable on House and Land packages when the land is valued under $300,000. A concessional rate is available thereafter. And that’s not all! The federal government is still running the First Home Buyers Guarantee (FHBG) scheme that waives Lenders Mortgage Insurance (LMI) for first time home buyers who are Australian citizens.
What deposit will I need?
You can get started with a deposit as low as 2% with Keystart. Keystart is an initiative of the West Australian Government and offers low-deposit loan options to eligible applicants with a deposit as low as 2%. Alternatively, you can apply for the Family Home Guarantee Scheme (HGS) that offers low deposit options to Australian citizens with at least one dependent child.
Building your first house in WA is an exciting prospect and a great way to create a home. If you’re a first-time home buyer there are several ways you can find your freedom with your first house build. Stamp duty waivers and grants are some of the best ways to reduce costs and can make all the difference. So why not discover the next step and take advantage of the financial incentives for First Home Buyers. Timing is everything – if you’re looking to build a house in WA, enquire now to see what you could save. Don’t just dream it. Own it!
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*All information correct at time of publishing
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