What you need to know: Changes to Keystart and the $15,000 First Home Owners Grant
Thinking of entering into the property market in 2017? Here’s what you need to know about the changes to Keystart’s income criteria and the new $15,000 First Home Owners Grant.
What is the First Home Owners Grant?
The First Home Owners Grant (FHOG) is a $15,000 payment from the State Government. It’s a genuine grant that you don’t have to repay; nor do you pay interest on and most first home buyers in WA will be eligible for the one-off grant.
The increased $15,000 grant is only available for those looking to build a new home over the next 12 months, and is not available when buying an established home.
How much is the new First Home Owners Grant and how do I get it?
For 12 months from January 1, 2017 the First Home Owners Grant has been increased by $5000 to a total of $15,000 for a new build.
First home buyers who enter into a contract between 1 January and 31 December 2017 to purchase or construct a new home are eligible to receive the boost. Owner builders who commence laying foundations of their home between those dates will also receive the boost.
What is Keystart?
Keystart can help bring home ownership dreams alive for first home buyers by offering affordable, low deposit home loans with no mortgage insurance. For those who are eligible, the Keystart Home Loan only requires a 2% deposit, of which 1% must be genuine savings, plus there is no Lenders Mortgage Insurance (LMI).
What is the new Keystart income criteria?
Under the new criteria, income caps have been lifted:
- From $70,000 to $90,000 for singles
- From $95,000 to $115,000 for couples
- From $115,000 to $135,000 for families
Need more info or not sure if you qualify? Contact one of our New Homes Consultants today to get started. Call 131 751.