December 2024
Home Buyers Assistance Account limit now $500,000
Great news for first home buyers. The Government has increased the Home Buyers Assistance Account limit from $400,000 to $500,000 in recognition of WA’s rising property prices.
Be sure to let your clients know about this opportunity to reimburse some of the incidental expenses associated with their purchase of a first home in Western Australia!
The Home Buyers Assistance Account assists eligible applicants with a grant of up to $2,000 to reimburse some expenses associated when purchasing a property up to $500,000. This will apply to applications lodged from 16 December 2024.
The grant can reimburse incidental expenses, including mortgage registration fees, settlement agent fees, valuation and inspection fees, loan establishment fees, mortgage insurance premiums, and lending institutions’ fees associated with buying a home. Postage, bank cheque fees, rates and taxes on the property, which are split between the purchaser and vendor at settlement, cannot be included.
If a first homeowner has previously applied and were rejected because their home was above $400,000 but was less than $500,000, then those applicants are encouraged to reapply provided the application is within 90 days of their settlement date.
A first homeowner who may have previously decided not to apply because at the time the purchase price of their home was above $400,000 but was less than $500,000, should be encouraged to apply provided the application is still within 90 days of their settlement date, subject to meeting eligibility criteria.
The HBAA is a State Government scheme, administered by Consumer Protection, funded from the interest paid on real estate agents’ trust accounts.
A guide for first home buyers is available to assist your clients. Application forms are available on the Consumer Protection website. Enquiries can be made by email or by calling 1300 30 40 54.