BUILD 2025: Financing help - a quick guide

Financing help

A quick guide to government schemes and grants

ACT HOME BUYER CONCESSION SCHEME

Major benefit: NO STAMP DUTY. Stamp duty is a substantial cost. The ACT Home Buyer Concession Scheme exempts you from stamp duty and applies to any property in the ACT, including vacant residential land, new and established homes at any price.

Am I eligible?

• The total gross income of all buyers must not be more than the relevant income threshold.

• All buyers including their partners* must not have owned any other property in the last five years.**

• At least one buyer must live in the home continuously for at least one year, starting within 12 months of settlement or date the Certificate of Occupancy was issued.***

* A partner includes your spouse, civil union partner, civil partner or de facto partner.

** There are limited exceptions to this requirement, including court orders and agreements made under the Family Law Act 1975 and the Domestic Relationships Act 1994. These orders or agreements must be made before the transaction date.

*** The Commissioner for ACT Revenue can exempt you from the residence requirements, in full or in part, but only in very specific circumstances.

TIP: All schemes and grants have strict eligibility requirements. For detailed information about whether you are eligible for government assistance, visit revenue.act.gov.au/ home-buyer-assistance or the relevant government website.

OWNER-OCCUPIER DUTY CONCESSION

Major benefit: NO DUTY on off-the-plan units (unit-titled apartments and townhouses) valued at $1 million or less.

Am I eligible?

• Contracts must be signed and exchanged on or after 1 July 2024

• 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.

FIRST HOME GUARANTEE

Major benefit: buy or build a new home with just a 5% deposit, without lenders mortgage insurance.

Between 1 July 2024 and 30 June 2025, there are 35,000 places available for eligible buyers.

Borrowers can also combine this guarantee with other government programs.

For eligibility and more details, visit housingaustralia.gov.au.

FIRST HOME BUYERS ASSISTANCE SCHEME

ACT (Home Buyer Concession Scheme)

Major benefit: exemption or reduced rate of transfer duty for first home buyers, for new or substantially renovated homes.

NSW (First Home Buyers Assistance Scheme)

Major benefit: exemption or reduced rate of transfer duty for first home buyers under a certain income threshold, AND a $10,000 grant for new or substantially renovated homes.

Key

Paramedics, nurses, teachers, early childhood educators and police may be eligible for the Shared Equity Home Buyer Helper.

For eligibility and more details, visit revenue.nsw.gov.au/grants-schemes/firsthome-buyer

PROPERTY TAX

Major benefit: instead of upfront transfer duty, home buyers instead pay an annual property tax.

More information is available at revenue.nsw.gov.au.