Buying home and land packages in Perth can be a pretty hefty burden, especially if you can’t find a bank that’s willing to loan you the money. Fortunately, the state government of Western Australia can lend you a hand with their home financing and ownership programs. Keep these options in mind when you’re looking to build or buy your own home.
The Department of Housing offers Keystart Home Loans, which follow shared equity schemes, has variable interest rates, and require lower deposits than other financing options. The terms and conditions of each loan may vary for each applicant, but certain individuals, like single parents, Aboriginals, and people with disabilities, are given more assistance and leeway. The Department also encourages you to find a partner so that you can enjoy the benefits of shared property homeownership, which include reduced payments by as much as 20 per cent.
The Department of Finance, meanwhile, has the First Home Owner Grant program that can award you as much as $3,000 if you buy an established home, or a $10,000 grant if you buy or build a brand-new home. One of the advantages of this program is that it doesn’t disqualify you from obtaining other grants from the Department, like the Access Home Loan Scheme and the Right to Buy Scheme.