Issue Date:  -  Thursday, 27 January 2005

Extra $2,000 for first time homebuyers

First time homebuyers are being reminded that they may be eligible for a grant of up to  $2000 from the Home Buyers Assistance Fund.

The Real Estate and Business Agents Supervisory Board (REBA) administer the Home Buyers Assistance Fund. 

The fund is available in addition to the First Home Owners’ Grant and other schemes.

“Many consumers may have a New Years’ resolution to buy their first home this year,” REBA Registrar Bob Rossi said.

“Buying is very exciting but because it involves large sums of money, can also potentially be quite stressful.  Many people fail to think beyond the purchase price of their property.

“That’s where the Home Buyers Assistance Fund can be an added bonus,” Mr Rossi said.

“It can help pay for many of the ‘hidden extras’ such as bank establishment fees and building insurance,” he said.

To be eligible consumers must meet certain criteria including:

• buying an established or partially built property for the first time in Western Australia;
• intending to reside in the property for 12 months or more;
• purchasing through a registered real estate agent; and
• financing through an authorised lending institution such as a bank, building society or credit union.

A maximum purchase price is also applicable for:

• Metropolitan and country areas – $125,000
• Remote areas - $170,000, and
• North West, Kimberly - $190,000.

“The grant takes a bit of the financial stress out of buying for the first time,” Mr Rossi said.

For a free Home Buyers Assistance Fund fact sheet phone 1300 30 40 64 or visit www.reba.wa.gov.au .

Application forms can be obtained from lending institutions and real estate agents.