STEPS TO MAKE HOME OWNERSHIP EASIER

Owning your own home has always been part of the ‘great Australian dream’. In Canberra, about two thirds of households own or are buying their homes. These homes include established units, townhouses and houses or new homes in new suburbs.  Between 2,500 and 3,000 people buy their first home each year.  Helping to make this possible is a key part of the Action Plan.

Initiatives to make home ownership easier include making more land available, requiring all new developments to include a minimum of 15 per cent of blocks set aside for affordable house and land packages, introducing a land rent scheme for eligible buyers and looking at deferred duty payment schemes. Because getting into your first home is often the most difficult step to take, stamp duty concessions have been introduced for first home buyers (as well as for pensioners).

ACTION PLAN GOAL

To ensure the healthy operation of the private market to allow it to deliver a range of housing options in locations across the ACT and to facilitate the goal that residents should not have to spend a high proportion of their gross income to purchase housing services .

Helping people into homes

The ACT Government has introduced new methods of housing sales and financial concessions to help low to moderate income buyers. Conveyance duty can be deferred for up to five years for first-home buyers and eligible purchasers can defer the duty until building is complete.

The ACT Government ‘s Land Rent Scheme allows you to rent rather than purchase land, so your mortgage only has to cover the house. This will initially be offered to eligible people on low to moderate incomes. Shared equity plans are also being developed, for public housing tenants and also community housing tenants.

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