As we roll into a new financial year, the outlook for the first home buyer market continues to look promising in WA. Firstly, we would like to announce that as of July 1st, the new Family Home Guarantee will support up to 10,000 single parents with dependents, and is also available to non-first home buyers earning up to $125K per year. Single parents can purchase a home with just a 2% deposit without needing to pay lenders mortgage insurance – the government will guarantee up to 18% off the loan to make up the equivalent of a 20% deposit. Applications are now open so send us your enquiries to see if you are eligible!
With record low-interest rates and the continuation of government incentives, we can’t stress that now has never been a better time to buy a home!
According to Commonwealth Bank data, West Australians are able to enter the property market 4.5 years faster on average thanks to the First Home Loan Deposit Scheme. Rather than having to wait and save up for the standard 20% deposit, first home buyers can continue to take advantage of this grant without the stress of bouncing between properties during the state’s rental shortage.
Domain senior research analyst Nicola Powell said Perth had the shortest savings time for a deposit in the country, and the marginal increase in the time it took to save was much less than other capital cities, where savings time has increased by an additional nine months as property prices have soared.
Whether you’re single, a couple or family, our finance team at WINNING First Homes can provide you with full guidance and confidence throughout the buying process. As a first home buyer, we can offer you exclusive finance options through Keystart Finance and assist with government grants to help cover up to $2000 in expenses. So what are you waiting for? Get that WINNING feeling today!