On 27 December 2016, the Government announced a temporary $5,000 boost to the FHOG. The existing FHOG is $10,000, therefore for eligible first home buyers, that equates to a saving of $15,000 off your first home PLUS free stamp duty.
Eligible first home buyers who enter into a contract between 1 January and 31 December 2017 to purchase a new home between those dates will receive the boost.
On 27 December 2016, Keystart Loans also updated their lending policy. The changes announced sees income limits increase up to $20,000, making it easier to for Western Australians to qualify for a Keystart Loan.
Under the changes:
Singles can be earning up to $90,000 (previously $75,000)
Couples can be earning up to $155,000 (previously $95,000)
Families can be earning up to $135,000 (previously $155,000)