Thinking of building a home here in Perth but haven’t saved enough yet to qualify for a mortgage? The good news is that with Western Australia’s First Home Buyers Grant (FHOG), you can start building your home sooner than you think. Currently capped at $10,000, the FHOG can go a long way towards helping you pay for a home loan deposit, which is generally set at 5% of the total home loan. Note that only one grant is available per contract regardless of how many individuals own the property.
If you are considering having your new home built in Perth, you’re probably aware of what house and land packages are and how the First Home Buyers Grant (also called the First Home Owners Grant or FHOG) helps make a property more affordable. This government-supported source of funding can give you more financial breathing room, provided you are eligible.
The FHOG was initiated by the Federal Government to help offset the effect of the Goods and Services Tax (GST), which first home buyers in Perth and in other states have to pay when purchasing a previously owned residence or building one from scratch.