Changes to the First Home Owners Grant

From September 1, first-home buyers in the ACT will receive $12,500 instead of $7,000 if they buy or build a new home or buy one that has been substantially renovated.

Combined with substantial stamp duty savings under the Home Buyer Concession Scheme (HBCS) – available to both first-home buyers and non-first-home buyers and which is to be continued, a first-home buyer in the ACT could save around $28,500 (including around $16,00 in stamp duty savings) if they buy a new home from September 1 for under $425,000.

The ACT government has implemented this change to improve the affordability of housing in the ACT and to stimulate the building industry.

The change brings the ACT in line with New South Wales, Queensland, Victoria, Tasmania and South Australia which are all incentivising the purchase of new homes whilst removing incentives for existing homes.

New South Wales is expected to drop their First Home Owner Grant from $15,000 to $10,000 next year.

To learn more about how you could take advantage of this grant, call us on 02 6260 7880.