Book your obligation free appointment today.

Contact Us

ACT home buyers to save thousands on stamp duty

ACT home buyers to save thousands on stamp duty

Stamp Duty image

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 –