Kiara Wilson has wanted to renovate a house of her own for as long as she can remember.
Two months after settling on a three-bedroom house in Higgins, the 30-year-old is choosing between different coloured marbles for her benchtops, and planning on knocking down an internal wall to open up the kitchen and living areas.
Ms Wilson had been saving on and off for years, and was finally able to purchase her home.
"I've always been pretty good at budgeting, my bank account is kind of set up so I have my bills and groceries and everything separated," she said.
"That really helped me when I got to this stage because I knew how much I was spending week to week, and that really helped me with finding out how much I could borrow."
Ms Wilson saved a 10 per cent deposit when she purchased her $728,000 home, however the 5 per cent deposit scheme meant she didn't have to pay mortgage insurance, which is typically required for a deposit of less than 20 per cent.
All first home buyers in the ACT are now also eligible for a stamp duty exemption, regardless of their income or the price of their home, following an expansion of the scheme announced at this year's territory budget.
"I didn't have to pay stamp duty either, which was really helpful," Ms Wilson said.
The combination of the Australian-first stamp duty exemption and dropping house prices means first home buyers in the ACT have an opportunity to purchase a home within 30 minutes of the CBD, with a deposit as little as $25,000.
Here is a sample of just some of the properties available in the ACT for a deposit of $25,000 to $35,000.
According to Cotality data, apartments in Sydney's CBD are selling for a median of $1 million. In Civic, however, less than half that amount could buy a modern apartment with European laundry, built-in robes, private balcony and views over Mount Ainslie, within walking distance of the Canberra Centre and Glebe Park.
A little further out, but still within walking distance of Civic, this two-bedroom apartment in Braddon could be purchased with a deposit as low as $22,450 - a decent price to live six storeys above Lonsdale Street's restaurants, bars and shops.
For those willing to move a little further out, this two-bedroom apartment in the heart of Belconnen offers an indoor pool, sky lounge and views of Lake Ginninderra from the balcony. Both bedrooms include built-in robes with mirrored doors, and the main bedroom has access to both an en suite and the 11-square-metre balcony.
Those who have a little more cash to spare could purchase this house in Crace for a deposit of just over $30,000. The terrace house is two storeys, with two bedrooms and a study nook.
A separately titled house 20 minutes away from the city centre for as little as $35,000 deposit would be unheard of in the larger capitals, but this Casey home is offering 105.90 square metres of floorspace, covered pergola and three bedrooms just a light-rail away from Civic.
