New Boost for First-Home Buyers in Canberra

Canberra’s first-home buyers have more options thanks to expanded eligibility, reduced upfront costs, and a range of affordable suburbs still under the $1,000,000 mark.

What’s Changed?

• Income limits and caps on applications have been removed
• The price cap in the ACT has increased from $750,000 to $1 million
• Lenders Mortgage Insurance (LMI) is no longer required
• Joint applications are now allowed for friends, siblings, and other family members, no longer just partners and spouses

Keep in mind, important eligibility criteria still remain in place, including citizenship and live-in requirements.

More Homes and Lower Entry Costs

First-home buyers now have access to a broader range of properties, with the financial barrier to enter the market eased to some extent. Homes in higher-priced suburbs that were previously ineligible are now within grasp.

Lenders Mortgage Insurance, which typically costs around $31,000 on a $700,000 mortgage with a 5% deposit, is no longer required, delivering an immediate saving.

More Canberra Suburbs Now Eligible

The increased price cap has opened opportunities in Canberra’s north and north-west, where the median price is above the original $750,000 limit.

Based on data from Domain, these suburbs include:

• Evatt ($792,000)
• Dunlop ($850,000)
• Latham ($900,000)
• Gungahlin ($920,000)
• Palmerston ($975,000)

These areas offer a mix of new and established homes, family-friendly amenities, and convenient access to schools, shops, and public transport.

 

With these changes, more first-home buyers will now have greater flexibility and opportunities to enter the market. And with spring in full swing, it’s a great time to explore what’s available.

Looking to buy your first home? We have a wide range of available homes that have become eligible thanks to the price cap changes. Contact our team to explore your options.