That’s right, the first home owners grant (FHOG) in Australian Capital Territories (ACT) has been replaced by the home buyer concession scheme effective 1 July 2019. Under the new scheme, both first home all eligible buyers pay no stamp duty on vacant residential land, newly built and existing homes, and there is no cap on the property value.
To be eligible for the scheme:
- The total gross income of all home buyers and their domestic partners (if any) for the previous financial year is below $160,000 (the income threshold increases slightly with the number of dependent children).
- No buyer of the home including their partner has owned any other property in the last two years.
- At least one owner lives in the home continuously for at least one year, starting within 12 months of settlement or completion of construction.
- 0 dependents - $160,000
- 1 dependents - $163,330
- 2 dependents - $166,660
- 3 dependents - $169,990
- 4 dependents - $173,320
- 5 or more dependents - $176,650
A few other changes include:
- Mortgage Registration fee increases to $153.00 from $145.
- Transfer Fee increases to $409 from $386.
Cheers,