Introduction
Buying a home can be an overwhelming process, especially for first-time homebuyers. With the high cost of living in Canberra, it can be challenging to save enough money for a down payment and closing costs. Fortunately, there are programs available to assist homebuyers in Canberra to make their dream of homeownership a reality.
First Home Owner Grant
The First Home Owner Grant is a program that provides a one-time financial assistance to eligible first-time homebuyers. The grant can be used to offset the cost of purchasing or building a new home. In Canberra, the grant amount is $7,000, which can make a significant impact on a homebuyer’s down payment and closing costs. To be eligible for the grant, the homebuyer must be an Australian citizen or permanent resident and must be purchasing orHome buying assistance Canberra
Home Buyer Concession Scheme
The Home Buyer Concession Scheme is another program that offers financial assistance to homebuyers in Canberra. The scheme provides a concession on the stamp duty payable on a property purchase. The concession amount varies depending on the value of the property, but it can be up to $7,000 for first-time homebuyers. To be eligible for the scheme, the homebuyer must be an Australian citizen or permanent resident and must be purchasing a property for less than $470,000.
Shared Equity Scheme
The Shared Equity Scheme is a program that provides eligible homebuyers with an equity loan to help cover the cost of purchasing a home. The scheme is designed for low to moderate-income earners who do not have the financial capacity to purchase a home without assistance. The loan is interest-free for the first five years and can be used in conjunction with other home buying assistance programs. The loan must be repaid when the property is sold or transferred, or after 25 years, whichever comes first.
Conclusion
Home buying assistance programs in Canberra can make a significant difference for first-time homebuyers who are struggling to save enough money for a down payment and closing costs. The First Home Owner Grant, Home Buyer Concession Scheme, and Shared Equity Scheme are just a few of the programs available to assist homebuyers in Canberra. If you are interested in purchasing a home in Canberra, it is worth exploring these programs to see if you are eligible for any of them.