$0 Stamp Duty
July 25, 2019
Don’t despair if you’ve heard the First Home Owner grant finished on 30th June ! A new initiative by ACT Government to assist with housing affordability not only helps first home owners, but it may mean even previous home owners could purchase with zero stamp duty, depending on eligibility criteria.
Unlike the previous concession scheme, zero stamp duty now applies to eligible buyers for vacant residential land and both new and established homes, anywhere in the ACT and at any price. For eligible First Home Buyers*, you pay zero stamp duty PLUS this stamp duty exemption is ALSO offered to eligible Non-First Home Buyers* who are re-entering the market.
As an example of the savings we are talking about, if you’re eligible and purchasing any land or property at $600,000, this could mean you don’t have to pay the $15,720 stamp duty fee.
Eligibility criteria naturally includes income thresholds – but now the concession scheme is available to those who haven’t owned property in the last two years, plus those who have owned property in the last 2 years but who had to sell or transfer their interest as part of a Family Law Property Settlement.
Expanding the audience who can take part in this huge saving is fantastic.
*Eligibility Criteria always applies and more information about the initiative to see if this can apply to you is available at https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme
Buyers: To be certain of your eligibility before exchange, please make sure your Solicitor/conveyancer and/or ACT Government verifies this concession scheme applies to you.