Top schemes available for first home buyers in the ACT
UPDATED june 2024The housing market has arguably never been harder for first home buyers to enter over recent years as the housing gap continues to grow. And while the property market is beginning to even out across Australia, both the Federal and Territory governments have continued to battle with implementing legislation to assist Australians in buying their first home.
But with so many schemes, concessions and offers available, it can be confusing to work out which one might be best for you if you are looking at purchasing your first property.
So we’ve done the homework for you and rounded up the top offers currently available from both the Federal and ACT Government, some of which are available for all eligible home buyers, not just first home buyers.
ACT Government Owner Occupier Stamp Duty Concession
From the 1 July 2024, the ACT Government also extended their Owner Occupier Concessions for off-the-plan property purchases for property buyers.
The concession waives stamp duty on new off-the-plan unit (unit-titled apartment and townhouses) owner occupier purchases valued at a higher $1,000,000 or less. Eligibility requirements include:
contracts must be signed and exchanged on or after 1 July 2024 or on or before 30 June 2025
at least one buyer must live in the home continuously for at least one year, starting within 12 months of the date of completion (settlement date) of the off the plan agreement
off the plan ‘units’ refers only to unit-titled apartments or townhouses.
You can find out more via the ACT Revenue website below.
ACT Government Home Buyer Concession Scheme
From 2019, the ACT Government replace their First Home Buyers Grant with their Home Buyer Concession Scheme. The Scheme waives duty on the purchase of any property in the ACT (capped at $34,270 in 2024-25) and is open to any buyers who have not owned a property in the last 5 years.
There is an income threshold that must be met to be eligible for the scheme and at least one owner must live in the property for at least twelve months.
You can find out more via the ACT Revenue website below.
Federal Government First Home Guarantee Scheme
The First Home Guarantee Scheme (FHBG) is a Federal Government initiative to support eligible home buyers in purchasing a home sooner with a deposit as little as 5%. There are currently 35,000 places available each financial year, and is available on both new and existing homes.
Under the HGS, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to purchase a home with a deposit between as low as 5% without paying Lenders Mortgage Insurance. The Guarantee is not a cash payment or a deposit for a home loan.
Federal Government Family Home Guarantee Scheme
Similar to the First Home Guarantee Scheme, the Family Home Guarantee supports eligible single parents with at least one dependent child to buy a home, with a deposit as little as 2%. 5,000 places are available each financial year until 30 June 2025.
Eligibility criteria and more information on these schemes can be found via the website below.
First Home Super Saver Scheme
The first home super saver (FHSS) scheme allows people to save money for their first home inside their super fund. The Scheme allows you to make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.
You can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home. You must meet the eligibility requirements to apply for the release of these amounts.
You can use this scheme if you are a first home buyer and both of the following apply:
You will occupy the premises you buy or intend to as soon as practicable.
You intend to occupy the property for at least 6 months within the first 12 months you own it, after it is practical to move in.
You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $50,000 contributions across multiple years. You will also receive an amount of earnings that relate to those contributions.
Find out more about the Scheme via the ATO website below.