The HomeBuilder Grant and Stamp Duty Waivers
A combination of Territory and Commonwealth government initiatives are creating great incentives to buy for purchasers looking at blocks of new land, off-the-plan apartments or townhouses.
Stamp Duty Waivers
For Contracts exchanged between 4th June 2020 and 30th June 2021, the ACT Government has implemented a new stamp duty scheme for new land and “off-the-plan” apartments/townhouses.
The purchase of new land will have the full stamp duty cost waived. The purchase of “off-the-plan” properties under $500,000 will have all stamp duty waived, while those between $500,000 – $750,000 will have the stamp duty reduced.
The new scheme runs alongside existing stamp duty concessions and exemptions (such as the Home Buyer Concession Scheme). Buyers must intend to live in the properties once construction is complete in order to be eligible for the waiver or reduction.
The HomeBuilder scheme provides a grant of $25,000 to owner-occupiers. The grant goes towards the building of a new home, or to substantially renovate an existing home.
Eligible substantial renovations must be:
Eligible purchase transactions must be:
In addition to the above requirements, the purchase of an off-the-plan apartment or townhouse is an eligible transaction for the grant provided that construction commences within 3 months of the exchange date. Where the construction of the off-the-plan complex has begun prior to the 4th June 2020, then the HomeBuilder Grant is not available.
In order to apply for the HomeBuilder Grant, you need to meet the following criteria:
The combination of these schemes is definitely appealing to buyers in the ACT. Trinity Law has a dedicated Property Law team available to help you understand, and if eligible, to apply the eligibility requirements of these new schemes, and can assist you with your property purchase or building contract negotiations.
To obtain tailored legal advice on your property matters, please contact Trinity Law on (02) 6163 5050 or email your query firstname.lastname@example.org
The information in this document represents general information, and should not be relied for your specific circumstances. If you require legal advice and assistance on the matters contained or associated in this document you should contact Trinity Law. Subject to the limits of the law, Trinity Law disclaims any liability on persons relying on this document.