First Home Buyer’s assistance – The state gives a leg-up into home ownership
On the East coast we all know about the first home owner’s grant and the State assistance given with stamp duty but in the West first home buyer’s assistance can include the state gives a leg-up into home ownership by taking a share of the new property!
First Home Buyer’s assistance in WA
Kelmscott in Perth is one of the many properties in the scheme
During the mining boom as property shot up in value in WA, a new State scheme was sponsored by the WA government. Singles earning between $50,000 and $70,000 a year and couples earning less than $90,000 a year can buy a house, with the state government as a ‘silent partner’ paying up to 30 per cent of the cost.
Over 1000 West Australians on ‘modest incomes’ have partnered-up with the government to buy new homes under a revitalised shared ownership scheme.
The owner may have an 80/20 or even a 70/30 mortgage with the state government of Western Australia. The owner only pays mortgage on the remaining amount and can buy back the government’s portion at anytime in the future. The home is entirely the owners, free from inspections or any other type of tenancy rules.
The properties in the scheme are freshly built and range from one-bedroom units to four-bedroom homes spread throughout Perth suburbs hat include sought-after suburbs such as Subiaco, with some also available in regional centres like Albany and Bunbury.
The scheme was instigated in 2011 after the rapid rise in house costs paralleling with the mining boom which forced many moderate income earners out of the market. That coincided with the 2010 peak in the number of people waiting for WA Department of Housing rentals at more than 24,000.
The scheme is well received in WA and is an obvious real assistance to young people trying to enter the housing market for the first time. I’ve never heard any politician in NSW mention this scheme. Is this something that Sydney could consider to really help the first home buyer with a real foot-up? Full story: http://goo.gl/VbI8hg
