Bunbury is a fantastic community to be a part of and, as such, it's the perfect place to invest in your first piece of real estate – whether it's an existing home, or a building project. But before you jump in, here are a couple of financing options to consider that may be a great deal of help in budgeting for your first real estate purchase.
2017 sees the extension of the Western Australia's First Home Owner Grant to a whopping $15,000. Premier of Western Australia, Colin Barnett, announced in late December the addition of a $5,000 boost – available on top of the existing $10,000 grant, a move designed to provide greater opportunities for families to get into the housing market.
On top of boosting first home buyer prospects, Mr Barnett believes this will create 2,000 new jobs for tradespeople and skilled workers in Western Australia.
It should be noted that this grant is aimed at those buying land or constructing new homes, rather than those purchasing existing properties. As Bunbury is south of the 26th parallel, there is a cap at $750,000 for the total value of the home and land.
To find out if you are eligible for the first home owner grant, a full fact sheet can be found at the WA Department of Finance website – however, we will share one factor of note: there is no income or asset requirements to attain the grant. This is good news, as it allows a far greater number of new investors to break ground of their new property.
Though the aforementioned grant doesn't apply to purchases of pre-existing homes, first time buyers in Bunbury wishing to purchase an existing home will still be offered a lower rate of duty if the total dutiable value of the home is less than $530,000.
More information on first time homeowners rates of duty can also be found through the WA Department of Finance but in short this amounts to an approximate $19.01 per $100 above $430,000. Better yet, this scheme assures the rate of duty will be zero if the home's dutiable value is less than $430,000.
Sure, we may have lost you when we started throwing those numbers out, but in short, the government of Western Australia wants to help you become a home-owner, and where better than Bunbury to take that first step? For more information on the application process for either the aforementioned grant or lower rate of duty, contact our expert team.