First Home Owners Grants and Assistance In The ACT/Canberra

The ACT has a few programs available for first home owners from the First Home Owners Grant (FHOG) to a variety of concession schemes. If you are looking to buy your first home, a mortgage broker can help you find the right home loan for your needs and assist with the applications for these grants and concessions, saving you time and money. Click here on “Make an enquiry” above to send an enquiry for a broker now.

First Home Owners Grant

The First Home Owners Grant was first introduced in the ACT in 2000. Since 2017, it is no longer available to first home owners purchasing established properties. It is only available for new homes, off-the-plan homes or substantially renovated homes.

In the ACT, the First Home Owners Grant is $7,000 and the value of the property must be below $750,000 inclusive of land.

To be eligible, along with the above, applicants must complete the application form and lodge it with other necessary documents within one year of completing an eligible transaction. Applicants must also be over 18, be an Australian citizen and the home must be their principal place of residence for a continuous 12 month period starting within 1 year of completing the eligible transaction. For full details on the First Home Owners Grant in the ACT, click here.

Home Buyer Concession Scheme

Otherwise known as HBCS, the Home Buyer Concession Scheme is an ACT Government initiative to help people purchase residential land or a home by charging duty at a concessional rate. It is only available for vacant land or new homes, not established or substantially refurbished homes. There is a property value threshold for this concession.

Deferred Duty

Stamp duty is payable on properties and land purchased in the ACT, whether new or established. You can defer these payments for up to 5 years to help with the upfront costs of buying a home. Eligibility criteria and other conditions apply, as does interest. This option is only available to first home buyers. If you are considering deferring your duty, make sure you get legal and financial advice.

Disability Duty Concession Scheme

In the ACT, if you are an adult with a long-term and permanent disability, who may otherwise be dependent on government assisted housing, you may be eligible for the Disability Duty Concession Scheme which exempts you from having to pay duty when purchasing a home. Eligibility and other conditions apply.

If you are buying your first home, chat with a broker to find the right home loan for your needs plus get assistance with the applications for any grants and concessions you might be eligible for.  Click here to make an enquiry and be connected with a MoneyQuest broker in your area.



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