What the first home owner grant means for you

Rising from $10,000 to $15,000, the grant will be available for the purchase of new homes or for the purpose of building a property.

Justin Smith, Principal of Smartline Personal Mortgage Advisers in Rockingham, said that the State Government announcement is fantastic news for first home buyers.

“We are very pleased the State Government has come out and increased the First Home Owners Grant by $5,000. This is a fantastic indicator to first home buyers that they can re-evaluate their ability to enter the market. Importantly, it also stimulates the building industry as people look to construction instead of buying existing homes.”

Smith noted that despite a few soft years in the WA property market, there are some attractive suburbs in Rockingham that first home buyers can buy in at an affordable price.

“In Rockingham we have plenty of affordable land for sale right now, especially in Baldivis, Golden Bay and Karnup. The majority of Rockingham residents are close to the train, freeway, beach, schools, shopping centres, Perth and the South West. As a first home buyer, it’s the best time to buy in years,” Smith said.

With interest rates from the major lenders at all-time lows, it appears the stars are aligning for first home buyers. With a modest deposit and the willingness to consider suburbs with high potential for growth, buyers of new properties are setting themselves up for strong capital returns in years to come. Taking a long term view of the market means that first home buyers can maximise the benefit of favourable conditions to get their foot in the door.