The 1st home owners grant in WA is an incredible benefit for first home buyers.
However, in order to use the 1st home owners grant in WA, you have to qualify for it, and then you have to meet certain criteria in order to keep it. Here are three important rules you must follow in order to keep the 1st home owners grant in WA.
Spouses Or De Facto Partners Must Both Qualify For The 1st Home Owners Grant In WA
If both people are going to be listed on the mortgage, they both must qualify for the 1st home owners grant in WA. Neither one of them could have received the 1st home owners grant in WA before. Couples who aren't legally married can still qualify, as long as they are de factor partners of more than two years.
Both Home Owners Must Live In The Home To Qualify For The 1st Home Owners Grant In WA
If two people are listed as home owners, they both need to live in the home in order to keep the grant. They both need to live in the home for at least six months and finish this time period within twelve months of purchasing the home.
If there are extenuating circumstances that are beyond a home owner's control, it's possible to write to the Commissioner to ask for an exemption that allows a home owner to reduce the amount of time that's required. This is handled on a case by case basis.
Home Value Limits for The 1st Home Owners Grant In WA
The 1st home owners grant in WA only applies to homes under a certain value threshold.
What Happens If Someone Applies For The 1st Home Owners Grant In WA Fraudulently?
If someone applies for the grant fraudulently, they could face fines and penalties of up to $20,000. Additionally, they will have to pay the grant back.