How will this impact me?
In the 2018-19 budget, the ACT Government announced:
‘From 1 July 2019, first home buyers with a household income below $160,000 will pay no stamp duty – whether they are buying an established property or a newly built home. At the same time, we will abolish the payment of First Home Owner Grants.’
This means that first home buyers need to consider their timing in purchasing a property and understand how these changes may impact them.
We’ve prepared a table to reflect the changes and to help first home owners decide.
The relevant date for determining which concessions may be available is the date you ‘exchange’ contracts. It is not the ‘settlement’ date or the date that the construction of the property is complete. (For a detailed look at the purchase process, click here)
Please note this is only intended as a brief overview of the concessions available and the requirements to access them.