Western Australia to get 500 more affordable homes

By the resi financial blog team, 26 August 2013

Afforrdable housing projects in Western Australia WA

As a first time property buyer, one of your biggest concerns could be how to actually afford to purchase a house with your first home loan.

Saving up to buy a property can be a long process; and with house prices rising higher and higher, it can become a difficult task.

However, many states across the country have put in place affordable housing schemes to allow lower-income earners to own their own homes.

Recently, the Western Australian government said that it will be supplying 500 more affordable homes so that more people can fulfil the Australian dream of securing a slice of real estate.

This was announced through the new state budget for 2013-14.

Over the next three years, the state government will be rolling out these homes to buyers after injecting $130 million into the Housing Stock Redevelopment Strategy.

"It means more West Australians on lower incomes will be able to afford to buy their own house," said Bill Marmion, state planning minister.

"The funding was an election promise - and we have delivered on that promise. We have already provided more than 10,000 new affordable homes, and this extra money means we will reach and exceed our target of 20,000 homes much quicker than projected."

At the same time, first home buyers in the state will be able to take advantage of more funding through the first home owner grant.

The government will be providing $3,000 more to those who wish to purchase their first home, and will complement the boost in affordable housing.

"These initiatives continue our record of working to help West Australians buy their own home - through an innovative mix of programs, including shared equity; easy to get Keystart loans; and simply building and selling homes below the market rate," Mr Marmion said.

For help with first home owner grants in your state or to discuss variable and fixed rate home loan options, contact a resi loan specialist today.

Categories: Home Loans