First Home Buyers Assistance

At the outset let’s make it clear this article is not about the First Home Owners Grant but if you are about to buy your first home or you have bought one in the last three months read on.

At the outset let’s make it clear this article is not about the First Home Owners Grant but if you are about to buy your first home or you have bought one in the last three months read on.

The Homebuyers Assistance Account is designed to assist people buy their first home and the grant could be as much as $2,000 however there are certain eligibility criteria as follows:

1. The purchase price of the property must not exceed $400,000
2. The property is purchased through a licensed real estate agent
3. The home loan is financed through a reputable lending institution
4. The buyer(s) must live in the home for at least the first 12 months.

I think we all recognise that there are only a limited number of properties in Perth at $400,000 or less and for this reason the State Government advises “the eligibility criteria for the grant may change from time to time”.print
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There is an argument that in Australia too many of us look at property with the potential for a sizeable “profit” in the short term, say three to five years, when in fact many other nationalities see this kind of investment as a ten to twenty year proposition. This short term idea is a mindset that is in stark contrast to the majority of us that buy property, either owner occupier or investment. By and large we really do intend to hold this property for the longer term so the quick buck philosophy should not enter the equation.

 
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