Changes to the First Home Owners Grant (FHOG) have been delayed. According to the Real Estate Institute of Western Australia, this is good news for many buyers.
Though the legislative alterations to the distribution of FHOG were expected to go into effect last Sunday, parliament has not yet passed the necessary bill. This may buy first home buyers interested in real estate in Bunbury a little extra time.
"The current delay in the change means that first home buyers looking for an established property have a few more weeks to access the higher grant and, conversely, those who want to buy a block and build will be likely to hold back until the grant lifts to $10,000," said REIWA president David Airey.
Parliament has not completely processed the required legislation, so the changeover is likely to happen in October, rather than the state government's original goal of September 15. According to Mr Airey, this delay will benefit the 70 per cent of first home buyers who would rather buy existing, older homes.
Right now, first home buyers are qualified for a $7,000 grant, regardless of whether they purchase an existing home or build a new one. After the FHOG transformation takes place, the grant will lower to $3,000 for current homes and raise to $10,000 for new home builders.
Those looking to make a move in real estate in Eaton and surrounding areas should consider doing so before the law changes.