Numerous Aussies have taken advantage of the First Home Owners Grant (FHOG) to supplement their budgets when purchasing a home for the first time. The good news is that you can still qualify for up to $10,000 in government assistance when you build a new home as this provision has not been stricken from Western Australia’s state budget for 2015-2016. Moreover, stamp duty concessions and land tax for family homes remain as is.
Plenty of home loans are also being approved within the state, as noted by the Australian Bureau of Statistics. From 53,811 approvals in February, loan approvals in March rose to 54,686; total housing loans financed were valued at $31.62 billion. It is interesting to note that a 1.6 per cent increase in housing loans was tallied for owner occupiers. The figures are in accordance with the Reserve Bank’s move to lower the official cash rate to 2.25 per cent and exceed the expectations of local economists.