A range of new and expanded measures will further support Canberrans to find a home that suits their needs.
24 June 2024
The ACT Government is supporting more Canberrans to buy a home by extending a range of stamp duty concessions and exemptions.
Funding in the 2024–2025 ACT Budget will save many more first home buyers tens of thousands of dollars when they buy their first home.
It also includes specific assistance for downsizers, people with a disability and those fleeing domestic violence.
Home Buyer Concession Scheme
The ACT Government is making major changes to the Home Buyer Concession Scheme.
Buyers are eligible for the full stamp duty concession on the first $1 million of property value.
This will save eligible Canberrans up to $34,000 in tax when they purchase their home.
The Budget expands the scheme from 1 July 2024 to:
- increase the income eligibility threshold to $250,000 a year for homebuyers who have not owned a property in the previous five years (this is an increase from $170,000 a year for homebuyers who have not owned a property in the previous two years)
- enable homebuyers with children to earn an additional $4,600 per child and stay eligible (up from an additional $3,330 per child).
People fleeing family violence can have owned a property in the previous five years.
Helping more Canberrans buy a new apartment or townhouse
The Government has also temporarily expanded the stamp duty concession for off-the-plan unit-titled apartments and townhouses to include properties valued up to $1 million in 2024-25.
This will begin from 1 July 2024 and will support more Canberrans to buy an apartment or townhouse.
Currently, homebuyers do not have to pay stamp duty on off-the-plan unit-titled apartments and townhouses valued up to $800,000.
Supporting more housing options in existing suburbs
The Budget will temporarily extend the RZ1 Unit Duty Exemption Scheme to include properties valued up to $1 million in 2024-25.
This will align with the Off-The-Plan Unit Duty Exemption.
Announced in October 2023, this Scheme applies to the first transfer of unit-titled dwellings on suburban residential (RZ1) blocks.
It is for purchases valued up to $800,000, between 27 November 2023 and 30 June 2026.
The announcement coincided with the commencement of the new Territory Plan, which allows dual occupancy developments on large suburban residential blocks (over 800 square metres).
This extension further supports the development of more dual-occupancy homes in existing suburbs.
It will create more opportunities for Canberrans to find a home, including people looking to downsize in the suburbs they’ve long called home.
More support for people with a disability
The existing Disability Duty Concession Scheme is available to eligible homebuyers with a disability.
The scheme will be extended from 1 July 2024 to provide a full stamp duty concession on the first $1 million of property value, to further support people with a long-term or permanent disability.
As a result, a partial concession is now available for properties over $1 million. Previously, the scheme was limited to properties valued up to $1 million.
There will also be a new Severe Disability Duty Exemption from 1 July 2025 to support people with a severe disability, and their carers, to find a home.
This new exemption will mean people with severe disability and their carers will not have to pay stamp duty if the home they are buying is their principal place of residence.
The home does not have to be bought by a Special Disability Trust.
Supporting more pensioners to downsize
The Government has also extended the Pensioner Duty Concession Scheme from 1 July2024.
Pensioners will receive a full stamp duty concession on the first $1 million of property value.
A partial concession will be available for properties over $1 million.
This extension will support more pensioners to downsize.
The existing scheme provides a full stamp duty concession for homes valued up to $550,000, with a decreasing concession to zero for homes valued between $550,000 and $765,000.
These 2024-25 ACT Budget initiatives relate to the ACT Wellbeing Framework’s housing and home wellbeing domain.
For more information, visit the ACT Revenue Office website.
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