A Guide to First Home Buyers concessions in Canberra

Are you a first home buyer in Canberra? If so, there are a range of concessions and schemes available to help you get into the property market. Here’s what you need to know:

1. Home Buyer Concession Scheme – Stamp duty is paid on certain transactions such as buying a property. In the ACT, first home buyers may be eligible for a stamp duty concession when buying their first home. If you qualify for the concession, there is no stamp duty payable for properties up to $1,000,000. If the property value is above $1,000,000, there is a stamp duty discount of up to $34,790. To be eligible for the stamp duty concession, you must be a citizen or a permanent resident, meet the income thresholds, be over the age of 18, and have not owned a property for the last 2 years. You also have to move into the property in the first 12 months and live in the property continuously for 12 months.
2. Stamp Duty Deferral – Stamp Duty deferral allows first home buyers to defer their stamp duty for up to 10 years allowing you to enter the property market with a smaller deposit. The stamp duty deferral is ideally for first home buyers who are above the income threshold for the stamp duty concession and are required to pay full stamp duty. Stamp Duty Deferral is available for properties up to $1,000,000
3. First Home Guarantee (FHG) – The First Home Loan Deposit Scheme is an Australian Government initiative allowing first home buyers to enter the property market with a deposit as low as 5%. The Australian Government guarantees up to 15% of the property’s value to the bank allowing first home buyers to avoid Lender’s Mortgage Insurance(LMI). To be eligible, you must be an Australia citizen, be at least 18 years of age, have never owned a property before and meet the income thresholds and deposit requirements
4. Family Home Guarantee – The Family Home Guarantee is not just for first home buyers but can apply to first home buyers. It allows single parents to enter the property market with a deposit as low as 2%. It has a similar criterion to First Home Guarantee.

If you are a first home buyer in Canberra, there are a range of concessions available to you to help you achieve the dream of home ownership. Contact our team of experienced local mortgage brokers to get a full understanding of these concessions and how they can help you get started on your first home loan journey today.