The WA State Government has just announced that it has cut short it’s December 2017 deadline for the $5,000 boost to the First Home Owners Grant (FHOG) to 30 June 2017.
This is disappointing news not only for first home buyers, but for land developers, the building industry and all others involved with the construction of new homes for WA’s First Home Buyers.
The Urban Development Institute of Australia (UDIA) recently sent an alert to its members saying “Prior to the election the new government indicated publically that it would honour the $5,000 boost to the FHOG until the end of the year.” And concluded by stating “UDIA will also be releasing a Media Release expressing disappointment about the change, which has occurred without consultation with industry.” Following the announcement, Land4Sale reported as having 87% of its current buyers who have stated that they are First Home Buyers.
The conditions to the updated deadline, according to WA’s Department of Finance as being “available to eligible first home buyers who enter into a contract between 1 January and 30 June 2017 to purchase or construct a new home.”. Which simply concludes that, if you are eligible for the FHOG that unless you’re building contracts have been signed and lodged with the appropriate parties by 30 June 2017 then, the $5,000 Boost will not accompany your $10,000 FHOG.
Further details about these changes can be found on the Department of Finance website HERE