27 Jun ACT home buyers to save thousands on stamp duty
The 2024-25 budget handed down by the ACT government has announced an overhaul to Stamp Duty concessions for home buyers.
From 1 July 2024:
- Stamp duty concession threshold for off-the-plan apartment or townhouse purchases increasing from $800,000 to $1 million
- Threshold for household income will increase to $250,000 p.a. (up from $170,000 p.a.)
- The scheme will be eligible to to buyers who have not owned a property for five years (previously two years)
- The existing Disability Duty Concession Scheme, which is available to eligible home buyers with a disability, will provide a partial concession on stamp duty on properties over $1 million. (Previously, the scheme only provided a concession on properties valued up to $1 million.)
- Pensioner Duty Concession Scheme will provide a full stamp duty concession on the first $1 million of property value and a partial concession of over $1 million for pensioners downsizing their homes. (A substantial increase from full stamp duty concession previously only available for homes valued up to $550,000, with a decreasing concession to zero for homes valued between $550,000 and $765,000.)
Contact us to see how these changes can get you into your own home sooner – https://spect.com.au/contact-us/
