First Home Owner Grant (FHOG) ACT

The amount of the home buyer concession is capped and depends on the financial year in which a contract on a property was entered into.

The concessional duty for the HBCS is also based on thresholds related to the transaction cost of the property in question.

Since 1 July, 2024, this is as follows:

To be eligible for the HBCS the following criteria must be met:

• All buyers of the home or land must be individuals and at least 18 years old.
• The income of all buyers, including their partners (if any), in the previous financial year to the transaction date must not be greater than the relevant income threshold.
• All buyers including their partners (if any) must not have owned (legal or equitable interest) any other property in the last 5 years.
• 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) or the date that a certificate of occupancy has been issued.

All properties in the ACT are eligible for this scheme from vacant residential land to both new and established homes, anywhere in the territory and at any price point. A concession cap was implemented for the amount of tax that will be waived under the HBCS in 2021.

Income thresholds also apply when it comes to eligibility and are linked to whether or not the purchaser has dependent children.

To claim the concession, buyers need to reference the concession code number HBC24 (for transactions on or after 1 July 2024) on their Buyer Verification Declaration (BVD) before registering the title transfer with Access Canberra.

A late claim can be made if the HBCS is not claimed before registering the property transfer.

If you are eligible to claim the HBCS with reference to the family violence provisions, you will need to insert the concession code FVC24 on the BVD before registering title transfer.

The HBCS is not a First Home Owners Grant in the traditional sense, as is available in other states and territories. The scheme helps buyers, including first home owners, remove or reduce stamp duty on a property. It is therefore not a lump sum payment that could be factored into a deposit cost.

There are many different ways you can go about buying your first home. The best way is to get in touch with a mortgage broker, who can show you the state grants that you're eligible for and can help with your home loan application. Check out our steps to buying your first home guide for more information on how to buy your first home.