A near record $6 million in Home Buyers Assistance Account (HBAA) grants were paid to first home buyers last financial year, helping more than 3,000 Western Australians to buy their first home.
The State Government’s HBAA scheme, administered by Consumer Protection, provides a grant of up to $2,000 for eligible applicants and distributed a total of $6.035 million to 3,093 first home buyers in the 2020-21 financial year. This is almost on par with the record $6.3 million in HBAA grants handed out in 2012-13.
The HBAA reimburses some of the expenses of buying a first home such as settlement and lending institution fees and mortgage insurance costs. It is funded from interest derived from the trust accounts of real estate agents.
Eligibility criteria includes the property price being $400,000 or less and the home must be the applicant’s primary residence for a minimum of 12 months. It must be an established or partly built home, not an off-the-plan purchase, among other requirements. Applications must be submitted within 90 days of settlement.
More information on the Home Buyers Assistance Account (HBAA) grant, including the full criteria and application form, is available on the Consumer Protection website. Enquiries can be made by email to [email protected] or by calling 1300 30 40 54.
As stated by Commerce Minister Amber-Jade Sanderson:
“The number of grants being awarded to first home buyers shows that it’s not only established home owners or investors showing interest in the WA property market.
“HBAA grants are highly valued by new home owners who often spend the money on furniture, landscaping or establishing outdoor entertainment areas.
“We are pleased to be able to provide financial assistance that makes buying a first home a more attractive proposition and encourages people to move into home ownership.
“I urge those eligible for these grants to submit an application.”
