Major Stamp Duty Cuts in 2024/25 ACT Budget to Help First Home Buyers

ACT, Australia

The 2024/25 Territory Budget of the Australian Capital Territory (ACT) brings significant changes to the Home Buyer Concession Scheme, extending eligibility for full stamp duty concessions on the first $1 million of property value. This change is expected to save eligible Canberrans around $34,000 in tax when purchasing their first home.

The budget expansion, effective from 1 July 2024, will increase the income eligibility threshold to $250,000 a year for homebuyers who have not owned a property in the previous five years, up from $170,000 a year for those who have not owned a property in the previous two years. Additionally, homebuyers can earn an extra $4,600 per child and remain eligible, up from an additional $3,330 per child.

People fleeing family violence will be exempt from the requirement to have not owned a property in the previous five years. The expansion of the Home Buyer Concession Scheme is among several new and expanded measures aimed at supporting more Canberrans to find suitable homes.

The ACT Government is also temporarily extending the stamp duty concession for off-the-plan unit purchases from 1 July 2024, including properties valued up to $1 million in 2024-25. This move will support more Canberrans in purchasing apartments or townhouses.

The 2024-25 Budget will also extend the RZ1 Unit Duty Exemption Scheme to include properties valued up to $1 million in 2024-25, supporting the development of more dual-occupancy homes in existing suburbs.

These initiatives aim to address the ACT Wellbeing Framework’s housing and home wellbeing domain, supporting more Canberrans to find homes that suit their needs.

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