Have you been looking to get into your very own Fairlight apartment but you’re wondering if you qualify for all the fantastic grants that are available to home buyers and investors?
The great news is that whether you’re looking to snap up your first home, seeking the ultimate lock & leave downsizer abode or an unprecedented investment opportunity, you can now get access to a range of government incentives to secure one of these stunning apartments in Mosman Park!
As an off-the-plan buyer, there’s never been a better opportunity to get access to some great deals in the Perth property market and thanks to the fantastic government incentives, this opens up many doors for you to get into a location like Mosman Park, while purchasing something brand-new!
Here’s exactly what you qualify for at Fairlight Mosman Park.
75% Stamp Duty Rebate Scheme
Who qualifies: First Homebuyers, Downsizers, other Owner Occupier Buyers and Investors.
As of the 23rd October 2019, you’ll receive 75% off your stamp duty costs up to the value of
$50,000 when you sign a pre-construction contract between 3 October 2019 and 23 October 2021 to purchase a new residential unit or apartment.
Update 31/12/2020: As of December 31 2020, Fairlight apartments no longer qualify for this rebate as we have no passed the cut off date for applications. See the full terms and conditions.
As a first homebuyer you qualify for a Reduce Transfer Duty Rate for properties where the unencumbered value of the home does not exceed $530,000 and the dutiable value does not exceed $430,000. This means that properties under and up to the value of $430,000, you don’t have to pay any stamp duty. For properties that exceed $430,000 but do not exceed $530,000, your stamp duty is payable at a rate of $19.19 for every $100. For more information go here
$15,000 HomeBuilder Grant
Who qualifies: First Homebuyers, Downsizers and other Owner Occupier Buyers.
This is a limited-time only grant of $15,000 for owner-occupiers to utilise towards the cost of building a new home, substantially renovating an existing home or buying an off-the-plan apartment.
To access HomeBuilder for Fairlight Mosman Park, you must meet the following criteria:
You are an Australian citizen aged 18 or over (non-residents, permanent resident’s or New Zealand Citizens do not qualify).
Your annual income needs to be less than $125,000 for individual applicants, or less than $200,000 for a couple based on your 2018-19 tax returns or later.
You must buy or build a brand-new property that you intend on living in. This means that if you’re buying as an investment, you don’t qualify.
The property value is not more than $750,000.
You have signed a contract to buy an off-the-plan apartment on or after 1st January 2021 and on or before 31 March 2021 and construction must commence within six months of the contract being signed.
Update 4/12/2020: Owner-occupiers are entitled up to $25,000 towards the cost of building an off-the-plan apartment with the application deadline being December 31st 2020, with the figure then being reduced to $15,000 as of January 1st 2021 and expiring in March 31st 2021. See full terms and conditions
$10,000 First Home Owners Grant
Who qualifies: First Homebuyers
This is a one-off payment of $10,000 to assist first home buyers to buy or build a residential property for use as their principal place of residence. To qualify for this grant, you must be a first homeowner, purchasing or building a new home which is great news for our Fairlight First Homebuyers!
Update 26/11/2020: Applicants must be an Australian citizen/permanent resident, at least 18 years old and classified as a first home buyer alongside a signed contract for the purchase of a Fairlight apartment.
Keystart Allowance
Who qualifies: First Homebuyers
The Keystart grant enables first home buyers to acquire a home loan with just a 2% deposit, whilst avoiding Lenders Mortgage Insurance (LMI). Eligibility is subject to a variety of factor such as your location, income limit (for singles and couples) alongside purchase price caps to determine your exact borrowing capacity.
Update 26/11/2020: Income limits have been extended to June 30 2021 which can be referenced here.
First Home Loan Deposit Scheme
Who qualifies: First Homebuyers
This scheme came into effect from 1 January 2020 to help first home buyers who have only saved a 5% deposit, guarantee a home loan while avoiding hefty lenders mortgage insurance premiums. This scheme was specifically designed to help support first homebuyers who don’t qualify for Keystart, while helping them get into home ownership sooner.
Update 26/11/2020: Previously this scheme was limited to the first 10,000 eligible borrowers however with the impacts of COVID-19, a further 10,000 applications will be opening from July 2020. If you’d like to find out if you qualify for this scheme or you’d like to be shortlisted for it to help secure a Fairlight apartment, contact us here today or See full terms and conditions.
Find Out What You Qualify For
Many of these grants are available for a limited time only either by time period, or before construction commences. With construction estimated to commence soon at Fairlight, this means that the window is closing to secure the 75% Stamp Duty Rebate up to $25,000.
If you want to set yourself up in this enviable location in an apartment that many will only dream of owning, don’t miss out on these unique grants to get into in one of Perth’s most sought after suburbs. Contact us today to find out what grants you qualify for or register your interest in one of these stunning apartments.