The ACT Government is removing stamp duty for eligible first home buyers in the ACT.
From 1 July 2019, Canberrans will not pay any stamp duty on their ‘first’ home if:
- The total gross income of all home buyers and their domestic partners (if any) for the previous financial year is below $160,000.
- No buyer of the home has owned any other property in the last two years.
- At least one owner lives in the home continuously for at least one year, starting within 12 months of settlement or completion of construction.
Under the new scheme, the same support is available for both newly built and existing homes, and there is no cap on the property value.
The new scheme will replace the current First Home Owner (FHO) Grant program from 1 July 2019.
Until then, first home buyers can still receive a grant of $7,000 when buying new or substantially renovated homes with a property value under $750,000. To be eligible for the FHO grant, contracts must be exchanged by 30 June 2019.
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