Hon Troy Buswell BEc MLA

Hon Troy Buswell BEc MLA

Former Treasurer; Minister for Transport

    FHOG changes take important step

    13/09/2013 12:00 AM
     
    • Changes to First Home Owner Grant (FHOG) likely to take effect in October
    • Changes will boost FHOG from $7,000 to $10,000 for buyers of newly constructed homes
    • Will increase housing stock and create jobs in the housing sector in WA

    Increases to the First Home Owner Grant (FHOG) for newly constructed homes took an important step this week, with the necessary legislation passing the Legislative Assembly.

     

    The FHOG changes are part of the Liberal National Government’s housing initiatives outlined in the 2013-14 State Budget.

     

    Treasurer Troy Buswell said the changes would boost grants to first home buyers of newly constructed homes from $7,000 to $10,000 - and will help create jobs in the housing sector.

     

    Mr Buswell said home buyers needed to be aware that the new FHOG measures were now likely to take effect in October, not September 15 as announced in the State Budget. 

     

    “This key initiative will continue to support first home buyers, help to increase housing supply and, very importantly, help create jobs in the housing sector in WA,” he said.

     

    “These changes were intended to take effect from September 15 but were subject to the passage of required legislative amendments.

     

    “The Bill covering these changes passed the Legislative Assembly on Wednesday and is expected to be considered by the Legislative Council next week and receive Royal Assent at the latest, by the end of October 2013.”

     

    Under the FHOG changes, first-time buyers of established homes will receive grants of $3,000. Western Australia, South Australia and Tasmania are the only remaining States that still provide a grant to purchasers of established homes.

     

    The Minister said the existing scheme would remain unchanged until the amending legislation received Royal Assent.

     

    Up-to-date information on the progress of the Bill will be provided on the Department of Finance website at http://www.finance.wa.gov.au

     

             Fact File

    • First home buyers in WA will continue to be exempt from transfer duty on new and established home purchases up to $500,000
    • FHOG for first home owners purchasing or building a new home will increase from $7,000 to $10,000 when the legislation has received Royal Assent

    Treasurer’s office - 6552 6400