The property market is shifting, offering new opportunities for first-time buyers. After 22 months of rising national median property prices, December saw a decline, signaling a potential change in conditions. If you’re planning to purchase your first home, there are several government assistance programs available to help you get there.
State and Territory Grants
Most states and territories, except for the ACT, offer first home buyer grants. These grants range from $10,000 in several states to up to $50,000 in the Northern Territory, provided you intend to live in the property. Some states require the purchase of a new home, while others allow both new and established properties. Be sure to check income and property price caps that may apply in your area.
Stamp Duty Concessions
Stamp duty is a significant upfront cost, but many states and territories (except for the Northern Territory) offer concessions for first home buyers. These benefits range from complete exemptions to partial discounts, depending on your location and eligibility criteria.
Federal Assistance Programs
The federal government provides additional support through multiple schemes:
- First Home Guarantee & Regional First Home Buyer Guarantee: Eligible buyers can purchase a home with as little as a 5% deposit without needing to pay lenders mortgage insurance (LMI). Income and property price caps apply.
- Help to Buy (Coming Soon): This upcoming shared-equity scheme will allow the government to co-own up to 40% of a new home or 30% of an existing home. This means buyers will only need to finance 60-70% of the property’s value, significantly reducing mortgage requirements.
Take Advantage of These Opportunities
If you’re thinking about buying your first home, now is a great time to explore your options. With various grants, concessions, and federal assistance programs, you may be closer to homeownership than you think. Be sure to research eligibility requirements and speak with a mortgage professional to find the best path forward.