The first home owner grant of up to $3,000 for the purchase of established homes in Western Australia has been removed as of 03 October 2015.
A first home owner who purchases an established home on or after 03/10/2015 will no longer be eligible for a grant. However, if the value of the property is $530,000 or less, they may still be eligible for the first home owner rate of duty. The first home owner grant of $10,000 for new homes will remain unchanged.
What does this mean for you?
Basically, if you are a first home owner who signed up a contract to purchase an existing home over this past weekend (Saturday 3/10/2015 and Sunday 4/10/2015), you will not receive the grant. However, if you signed up to buy land, turn key, or a newly built home that has not been lived in, you will still be eligible to apply and receive a grant of $10,000.
If you already had a contract signed before Saturday the 3rd of October, then Office of State Revenue will have to honour the previous ruling and you should receive a $3,000 grant if successful in your application.
How about the stamp duty?
This will remain unchanged. All first home owners will be eligible for Nil stamp duty if the property is valued less than $430,000, and will have to pay a portion of Stamp Duty if the property is valued between $430,000 and $530,000. These figures apply for established homes only. The vacant land threshold is $300,000 to $400,000.