Just about every agent and buyer knows about the government’s First Home Owner Grant. But did you know that some first home buyers are also eligible for another grant of up to $2000?

The Home Buyers Assistance Account is a state government scheme aimed to reimburse buyers for incidental expenses up to $2000. Such expenses include mortgage registration fees, settlement agent fees, and valuation and inspection fees.

The criteria for the Home Buyers Assistance Account are different from those of the First Home Owner Grant. Buyers qualify for the Assistance Account if:

To apply for the grant, buyers need to complete the application form on the Department of Commerce website and lodge it no more than 90 days after the date the contract is accepted. Part of this form is a table in which buyers list the amount of each of their incidental expenses, so that they can be reimbursed for those expenses up to the amount of $2000.

Once the grant is approved, a cheque is forwarded to the buyer’s lender. How the grant is paid to the buyer will depend on their lender.

If you’re an agent, inform buyers that the Home Buyers Assistance Account exists and let them know that they can apply through the Department of Commerce website.

By doing so, you can help ease the financial burden on first home buyers during what can be a very expensive time.

Image by Daniel Hoherd via Flickr.

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Residential Settlements

We provide real estate settlement services throughout Western Australia. In addition, we complete Related Party Transfers, Family Transfers, Private Sales and other title related services.