Client Information
Foreign Investment Review Board
Classic Conveyancing International is a division that specialises in FIRB investment clients and over time has become an experienced company based in Western Australia.
The scope of services that Classic Conveyancing International offers in many cases goes beyond just being a conveyancer. A relationship is formed with ourselves and the companies that are assisting the FIRB transaction for your real estate property purchase.
The focus of this division is to make the transition as smooth and as effortless as possible for you. Our aim is to provide representation confidentially in all aspects of documentation relating to FIRB guidance.
Our previous clients stem from all parts of the world, such as China, Hong Kong, United Kingdom, Dubai and the USA.
The First Home Owners Grant
The Grant is to assist eligible first home buyers to offset the impact of the GST on house prices
Who is eligible for the Grant?
To be eligible for the FHOG, applicants must satisfy the following criteria:
- An applicant must purchase the home as a natural person, (eg. not a company) and be 18 years and over at the commencement of the eligible transaction (ie. at the date the contract is made).
- At least one applicant must be an Australian citizen or a Permanent Resident at the commencement of the eligible transaction (ie. at the date the contract is made).
- Applicants and/or their spouse cannot have previously received the FHOG from any jurisdiction in Australia.
- Applicants and/or their spouse cannot have previously owned a home anywhere in Australia prior to 1 July 2000.
- Applicants and/or their spouse cannot have previously owned a home anywhere in Australia after 1 July 2000 and occupied that home before 30 June 2004.
- Applicants and/or their spouse cannot have previously owned a home anywhere in Australia after 1 July 2000 and occupied that home for a period of not more than 6 continuous months commencing after 30 June 2004.
- Applicants must occupy the home as their principal place of residence for a continuous period of 6 months commencing within 12 months of settlement in the case of established properties, or within 12 months of completion in the case of a home being built.
- Applicants must hold a relevant interest (ownership) in the land on which the home is situated.
- The applicant must enter into a contract to buy or build (or in case of an owner builder commence construction) on or after 1 July 2000.
Eligible applicants may apply for the First Home Owner Grant through the Office of State Revenue at the address below, or through a financial institution if that lender is an FHOG approved agents.
Purchases that include a Home
| Value of property | Rate of stamp duty from 10 May 2007 |
|---|---|
| up to - $500 000 | NIL |
| $500 001 - $600 000 | $26.10 per $100 or part thereof above $500 000 |
Purchases of Vacant Land
| Value of property | Rate of stamp duty from 10 May 2007 |
|---|---|
| up to - $300 000 | NIL |
| $300 001 - $400 000 | $15.70 per $100 or part thereof above $300 000 |
THE PROCESS
ESTIMATION OF A 21 DAY FINANCE TIMELINE
Days
| Day | Process |
|---|---|
| 1 | Complete loan application |
| 3 | Submit application to lender |
| 4 | Confirm lender has received application |
| 6 | Attend to lender queries |
| 7 | Send additional information if required |
| 9 | Conditional approval |
| 11 | Valuation ordered |
| 15 | Valuation carried out |
| 17 | Valuation sent back to lender |
| 19 | Valuation processed |
| 20 | Indicative approval |
| 21 | Unconditional approval |
Reba Grant – A First Home Buyers Assistance Scheme
The REBA grant is a scheme put in place by the Real Estate & Business Agents Supervisory Board to assist First Home Buyers with some of the incidental expenses associated with the purchase of their first home. The grant is up to $2000 and is funded from the interest paid on real estate agents’ trust accounts.
Expenses which qualify to be reimbursed include stamp duty on mortgages, valuations, registration and establishment fees and settlement agent/solicitor fees.
Am I eligible for the REBA Grant?
To be eligible you must meet all of the following criteria.
- You must be buying your first home. It must be established or partially built. It cannot be "off the plan", "house and land" package or vacant land.
- All buyers of the property must be first home buyers and must not have owned a home in Western Australia before. If one of the buyers has previously owned a home, you can apply for a partial grant where you may receive a grant based on the percentage of the property you own.
- You must intend to live in the property for the first 12 months. It must not be rented out. If it is currently tenanted, you must live in the property for 12 months from when the lease expires.
- You must have purchased the property through a licenced real estate agent.
- The application for the REBA grant must be lodged within 90 days from acceptance of the offer. If it is not lodged within the specified time frame, a letter of explanation is required.
- If you financed your purchase, it must have been through an authorised lending institution such as a bank, building society or credit union.
- The purchase price of the home must be within the prescribed limit for dwellings purchased in Western Australia. Visit the buyers and sellers section of the REBA website www.reba.wa.gov.au for current threshold information.
