Tuesday 30th June 2015

Let’s look at how changes to the WA Budget might affect your first home purchase

 
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Buying your first home is an exhilarating process and there’s nothing quite like it; the anticipation, the nerves, the adrenaline, they’re all part of the excitement and no news about Government funding needs to change that. But we think it’s always best to know as much as you can, so keep on reading…

Yes, the First Home Owners Grant for purchasing pre-existing property has gone, but you might be eligible for an even bigger lump sum. The State of WA offers a $10,000 First Home Owners Grant to prospective candidates looking to either build or purchase a house and land package. That means if your circumstances are flexible then you can consider expanding your prospects. We want you to move into that First Home just as much as you do, so it’s time to come and meet with one of our expert advisors and review your options. 

We can create you a tailor made financial plan that suits your circumstances (a plan that actually gives your bank account some breathing room) and get a build underway for you sooner rather than later. Did we mention that we often score our clients a better mortgage once their build is complete? 

If you’re happy to keep going down the route of purchasing a pre-existing property then we’ve got you covered. As part of our bespoke financial plan we’ll present you with every possible financial avenue available to you - grants, loans, deals with non-banks - so that you always have options to choose from. When we’re doing all the leg work for you, the Government’s money becomes less important anyway.

And finally, the icing on the financial cake, WA State Treasurer Mike Nahan announced that Stamp Duty concessions will be here to stay. If you’re not too sure what that means then allow us to fill you in: Stamp Duty is a customary tax placed on legal documents involved in the transfer of property or land. First home buyers, however, are entitled to concessions that are designed to make it easier to get a foot on the property ladder. In a nutshell, you’re still entitled to funding and you’ll receive a tax deduction - not too shabby! 

What we’re trying to say is that you shouldn’t go shelving those plans for your first home just yet, the Government are reducing their deficit but that doesn’t mean reducing your chances. We can get you the location you’re after or that dream home you’ve been saving up for - and we’re not the only ones thinking this way. President of REIWA David Airey, like many Australians, believe these changes will be phased out within the next couple of years (but by then we’ll already have you settled - shhh). 

Find out more about the impact these changes might have on your situation, contact us on (08) 6200-0269 and we’ll arrange for you to meet with an advisor.

 

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