HOME BUYERS ASSISTANCE ACCOUNT (HBAA)
October 17, 2019
We’ve all heard about the first home buyers grant (FHOG), which has been in existence since the year 2000. On the other hand, very few first home buyers are aware of the home buyers assistant account (HBAA) grant.
The HBAA grant of up to $2000 is available to West Australian home buyers that buy an established home up to the value of $400,000 through a registered real estate agent.
First home buyers cannot rely upon this up to $2000 for the settlement of their home as you cannot apply for the HBAA grant until after your home has settled.
Therefore, the HBAA may help with furnishing your first home or perhaps those minor renovations you are going to make after settlement.
If you are buying your first home with a person that purchased a home previously you still may be eligible for a part payment of the HBAA grant in line with the % ownership you will have in the property you are buying.
The HBAA grant is not available to first home buyers who are building. The property you purchase must be established or partly established. You must apply for the HBAA grant within 90 days of your offer to purchase being accepted by the seller and you must move into the property within 6 months of the settlement date.
Upon moving in the property you must live in the property for at least 12 months.
Your Better Choice Mortgage Broker would be happy to facilitate your application for the HBAA grant.
Go to betterchoice.net.au or email firstname.lastname@example.org .au or find us on Facebook.
You can find out more about the HBAA grant here.
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