Budget / Stamp duty abolished for first home buyers

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IN a bid to make housing affordable, the ACT government has chosen to focus on first home buyers, seniors and low incomes earners in the 2018 Budget. 

From July 1, 2019, first home buyers with a household income below $160,000 will pay no stamp duty – whether they are buying an established property or a newly built home.

This will fully abolish stamp duty for any type of property, and at any purchase price, for eligible first home buyers.

For seniors, the 2018 Budget will expand the general rates deferral scheme so that anyone aged over 65 who has at least 75 per cent equity in their property can take advantage of it.

And, for low income earners, the ACT government says it’s working with the housing sector and the Canberra community to make sure housing is affordable and services keep up with the city’s growth.

Investments in the 2018 Budget will see:

  • Land release for 17,000 new homes in the next four years
  • Build a second culturally-appropriate housing complex for older Aboriginal and Torres Strait Islander Canberrans, adding up to 10 more homes
  • Planning and design for a second Common Ground accommodation facility in Dickson, providing specialist support to people experiencing, or at risk of, homelessness
  • Establishing three community-based mental health accommodation facilities to provide long-term supported care for people who need 24-hour support
  • Reducing heating bills and gas emissions through energy efficiency upgrades in public housing
  • Delivering 36 more places for women and families seeking safe accommodation through services like the Beryl and Doris women’s shelters, and extending OneLink’s operating hours to improve coordination of services and responsiveness to people seeking support.

 

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