In just over a week, first-home buyers in the ACT won’t be required to pay stamp duty on any residential property so long as their annual household income is less than $160,000.
The ACT government announced its new Home Buyer Concession Scheme in last year’s territory budget. It follows similar already existing measures in NSW and Victoria.
Currently, first-home buyers in the ACT can only receive stamp duty concessions on new builds, but the new system will extend this to established properties and vacant land. But in order to cover the costs of the abolition, the first-home owner’s grant of $7000 will be ditched.
So what do the changes mean and how will they affect you?