In May 2024, Western Australian Premier Roger Cook & Treasurer Rita Saffioti delivered their first state budget. With it, they have some delivered some much-needed good news for Western Australian first home buyers.
The 2024-25 Budget delivers $1.1 billion for housing and homelessness, bringing total new investment since 2021-22 to $3.2 billion. This includes funding for social and affordable housing, and for homelessness services, expanding the capacity of the residential construction workforce, and boosting regional land supply.
What does the State Budget mean for first home buyers?
Stamp Duty Concession & Exemption Thresholds increased
In a $82 million investment, the Labor Government has announced that it will increasing the thresholds for stamp duty (for the first time since 2014):
- First home buyers of established and new properties will now get a full stamp duty exemption for properties purchased under the value of $450,000 – resulting in savings of up to $15,390
- First home buyers of established and new properties will now get a stamp duty discount for properties purchased between the value of $450,001 to $600,000
As Perth has been the strongest performing market over the last 24 months, this announcement will be welcome by first home buyers who have been faced with substantial price increases in Perth. This policy announcement is expected to assist up to 5,000 first home buyers buy their first home without paying any stamp duty.
The WA First Home Owners Grant (FHOG) will remain at $10,000 for eligible first home buyers looking to buy a brand-new home or build a home under the value of $750,000
Incentives for vacant home owners
For those aspiring first home buyers that are renting, this announcement will come as a relief. The State Government has announced that it will offer $5,000 incentive payments to encourage owners of homes that are currently vacant to make them available to renters. This would allow more rental properties to come on the market, alleviating the current pressure on rental demand which has forced the Perth median rent price to skyrocket.
This would help those that are currently in the market looking for a property to rent.
Other measures aimed at boosting the supply of housing
$85m will be spent to increase the size of our construction industry, including:
- $21 million for an additional 150 places to subsidise wages for new apprentices and trainees for Group Training Organisations.
- $37 million to provide incentives to complete apprenticeships, including tool allowances and milestone payments.
- $4 million to continue the Construction Migration Office to attract skilled migrants
$400m will be allocated towards the Social and Affordable Housing Investment funds, allowing the Government to bring the number of new social homes to $5,000
$144m to be spent on delivering new housing projects
How can WA first home buyers take advantage of the Government schemes?
Simply complete the below enquiry form for a free Discovery Session with an FHBA Coach who can assist you with things like your WA FHOG eligibility, Stamp duty exemption/concession claim, FHBA 50 Rebate eligibility and most importantly your first home borrowing capacity – AT NO COST TO YOU!
It is a good idea to get some expert advice from a qualified lending expert, who will also take care of applying for your first home ownership assistance programs in Western Australia at no cost to you and also provide recommendation on whether a new or established home would work best in your situation.
