As of the 1st July 2019, the First home buyers grant was abolished in Canberra and replaced with the Home Buyers Concession Scheme.
Many buyers in the ACT are not aware of the new Stamp Duty changes that came into effect on 1 July 2019 and believe it only applies to First Home Buyers.
Prior to 1 July 2019, first home buyers were only eligible for the Stamp Duty concessions if the property had never been lived in previously and if the purchase price was below the threshold of $607,000.00.
As of 1 July 2019, ALL buyers are now eligible for the Home Buyers concession when purchasing any property, at any price, including established homes.
To pay no stamp duty on your home purchase:
- All buyers of the home or land must be at least 18 years old.
- The total gross income of all buyers, including their partners (if any) must not be greater than the income threshold of $160,000 and increases depending on the number of dependents
- All buyers including their partners (if any) must not have owned any other property in the last two years.
- At least one buyer must live in the home continuously for at least one year, starting within 12 months of settlement or completion of construction
To find out if you may be eligible for a Stamp Duty Concession, please visit the ACT Revenue Website here: