Plea to Boost First Home Owner Grant in Western Australia

The WA Government are being urged to increase the first home owner grant by almost triple, with $7,000 being given to those who build in regional areas, on top of the $13,000 which is being asked to be given as a first home bonus for West Australians who build new homes.

Dwelling approvals in WA have decreased, whether because of the Global Recession or the withdrawal of the first home owners grant, and a boost to the first home owners’ grant is believed to bring those approvals on the up and more housing available in Perth and surrounding suburbs.

HIA considers that the State Government should introduce a State Government-funded boost for first-home buyers building a new home for a time to stimulate activity and boost housing supply.

This boost should be targeted and ensure those most in need are the beneficiaries.

The WA Government stated that they had introduced a range of economic stimulus measures to support the building industry since it came to power in 2008.

Most notably, the lending capacity of Keystart has been increased, from $1.5 billion to $4 billion over two years.

Keystart lending underpinned new construction in WA when lending from other banking institutions tightened after the global financial crisis.

The Government has also implemented a housing construction program of unprecedented scale which addresses its social housing waiting list, and in doing so, supports the building industry.