The First Home Owner Grant Can Be the Boost that Turns Your Dreams into Reality

The First Home Owner Grant Can Be the Boost that Turns Your Dreams into Reality

In our time as Perth property developers, we have helped a lot of young families buy their first homes. We have done this by offering land in family friendly Perth suburbs at affordable prices. But one of the best resources we have seen for first home buyers is our government. They offer a grant of $10,000 and a large reduction in stamp duty to first home buyers who build new homes or buy house and land packages.

With our affordable property prices, we have helped so many Perth families buy their first homes, but it never gets old seeing the looks on their faces when they are approved. We would like to tell you a bit about the First Home Owner Grant (FHOG) and the First Home Owner Rate of Duty (FHOR) and how they relate to buying house and land packages in our Perth area land estates.

First Home Owner Grant (FHOG)

The First Home Owner Grant is a $10,000 payment made to you to help you buy your first home. The basic requirements are that you are an Australian citizen who hasn’t ever received FHOG from WA or any other state. In the Perth area, there is a $750,000 ceiling on the total value of the house. Also, you must occupy the home for six of its first twelve months.

This is nice, all on its own, but the next part is even better.

First Home Owner Rate of Duty (FHOR of Duty)

FHOR of Duty is a reduction of stamp tax duty for those building their first homes or buying them as house and land packages. When building a new home or having it built as part of a house and land package, you only have to pay stamp tax duty on the land: not the building.

The FHOR of Duty gives you total relief on stamp duty for the first $300,000. If the land is worth more than $300,000 but not more than $400,000, your stamp tax is $13.01 for every $100 between $300,000 and $400,000.

To learn more, call Origin Projects today: (08) 6500 4488.