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Triple Your First Home Owners Grant with WOW Homes

Published:

January 16, 2025

Buying your first home is an exciting milestone. In Western Australia, you can get a big boost towards this goal with the First Home Owner Grant. The First Home Owner Grant helps new buyers enter the market. But what if you could get even more?

WOW Homes offers to triple your First Home Owner Grant, giving you up to $30,000* towards building your new home. This can make a huge difference in your home-buying journey. It’s a chance to step into your dream home sooner than you thought possible.

To get this offer, you need to meet the rules for the First Home Owner Grant. WOW Homes then adds $20,000* on top of the grant. This extra money can help with your deposit or building costs. It’s a smart way to start your life as a homeowner on the right foot.

Tripling Your Grant at A Glance

  • WOW Homes triple the First Home Owner Grant up to $30,000* for eligible first-home buyers, making it an excellent opportunity to utilise the home buyers grant for your deposit
  • You must qualify for the First Home Owner Grant to get this deal
  • You must build with WOW Homes to receive access to this promotion

Understanding the First Home Owner Grant

The First Home Owner Grant Scheme (FHOG) is a key program to help Australians buy their first home. It gives cash to eligible buyers to put towards building or buying a new house. A comprehensive home-building contract can be crucial in this context, as it combines the costs of land and construction, which can affect eligibility for grants and purchasing thresholds.

Purpose and Benefits

The FHOG aims to make owning your own home more achievable for first-time buyers. It offers a one-off payment to boost your deposit or cover other costs when building or buying a new home.

In Western Australia, the grant is $10,000 for eligible first-home buyers. But with WOW Homes, you can get even more help. We triple the grant, giving you an extra $20,000* towards your new home build resulting in a grand total of $30,000*. This huge boost can help you get into your first home much faster.

triple your first home owners grant

Eligibility Requirements

Qualifying for the tripled First Home Owners Grant requires meeting specific criteria. These rules ensure the grant goes to those who truly need it for their first home purchase. Applicants must also provide a primary identity document to support their identity verification during the application process.

Residency Criteria

To be eligible, you must be an Australian citizen or permanent resident. You’ll need to live in the home as your main residence for at least 6 months within the first year of home ownership too. This rule helps prevent people from using the grant for investment properties.

If you’re applying with a partner, at least one of you must meet these residency requirements. Keep in mind that temporary residents or those on visas aren’t eligible for the grant. Using an approved agent can expedite the application process by ensuring all necessary documentation is submitted correctly.

Property Types and Values

The grant is for newly built homes only. This includes houses, apartments, townhouses or other residential properties that are newly constructed and haven’t been lived in before. You can’t use it for existing residential homes or renovations.

There’s a cap on the residential property value to target the grant at affordable housing. In Western Australia, the home’s total value must be under $750,000. First-home buyers may also be eligible to purchase vacant land, which can offer additional stamp duty savings and tax benefits.

Applicant Eligibility

You must be a first home buyer to qualify. This means you (and your partner if applying jointly) can’t have previously owned a home in Australia. Additionally, the grant cannot be applied to purchase an investment property.

There’s also an age requirement – you need to be at least 18 years old to apply. Your income isn’t a factor in eligibility, however you can’t have received this grant before.

Benefits and Concessions

The First Home Owners Grant offers several financial perks for eligible home buyers in Western Australia. These include cash grants and significant savings on stamp duty.

First Home Owner Rate of Duty

When you buy your first home in WA, you might pay less stamp duty. This reduced rate applies to homes worth up to $530,000.

For houses between $430,000 and $530,000, the discount gets smaller as the price goes up. If your home costs $430,000 or less, you won’t have to pay stamp duty.

The savings are big. For a $500,000 home, you’d pay about $3,800 less in duty compared to other home buyers. This lower rate helps make buying your first home more affordable.

Stamp Duty Exemption and Reductions

Besides the First Home Owner Rate, there are other ways to save on stamp duty. If you’re building a new home, you might not have to pay any duty on the vacant land. This applies if the land costs $300,000 or less.

For an established home, you get a full exemption if the home is worth $430,000 or less. Homes between $430,000 and $530,000 get a partial exemption. The exact amount depends on the home’s value.

These savings add up. On a $400,000 home, you could save over $13,000 in stamp duty. This extra money helps with other costs of buying a home.

WOW homes can triple your grant

Our Application Process

Navigating the application process for WOW Homes’ triple First Home Owners Grant promotion is straightforward. By following these steps, you’ll be on your way to securing $30,000* towards building your new home.

Completing the Enquiry Form

To begin, simply fill out the easy-to-use enquiry form. We’ll ask for basic details, such as your name, contact information, and whether you’re a first-home buyer. Additionally, you’ll provide some financial information, which will help us determine your eligibility for the Triple the Grant promotion.

Submitting this form is the first step towards unlocking the potential to triple your government grant and make your homeownership dream a reality! You will also need to provide a primary identity document to support your identity verification during the application process

Want To Get $30,000* Towards Your First Home? Contact Us!

Ready to take advantage of the home buyers grant and fast-track your journey to homeownership? With WOW Homes, you could secure up to $30,000* towards building your dream home. Whether you’re a first-time buyer or need more information about the process, we’re here to help every step of the way.

Don’t miss out on this exciting opportunity— Contact us today to learn more!

*T&Cs apply

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