Libs to Save First Homebuyers $11k

  • HALVE STAMP DUTY FOR FIRST HOMES UP TO $500,000
  • EXPAND THE HOME BUYERS CONCESSION

ACT Opposition Leader Zed Seselja and ACT Shadow Treasurer Brendan Smyth announced today that if elected, a Canberra Liberals Government would halve stamp duty for first homes under $500,000, and expand the Home Buyers Concession Scheme, saving first homebuyers up to $10,905. Mr Seselja said the Canberra Liberals are committed to reducing the barriers of entry to the property market for first home buyers.

“We recognise that housing prices make entry difficult enough for potential first homebuyers, without extra government burdens,” Mr Seselja said.

“That’s why if elected, a Canberra Liberals Government would halve stamp duty for first homes up to $500,000 and expand the Home Buyers Concession Scheme to ensure eligible people who buy existing homes still receive stamp duty concessions.

“Today’s announcement reflects the Canberra Liberals’ belief that home ownership shouldn’t just be a pipedream for Canberrans.

“This policy will cost $52 million over four years,” Mr Seselja concluded.

Mr Smyth said according to ACT Labor, the only way to reduce stamp duty is to increase rates.

“The Canberra Liberals take a different approach – we won’t triple Canberrans’ rates, and we’ll cut stamp duty for first homebuyers, and give them better concessions. We took a fully costed stamp duty cuts policy to the last election, and today’s announcement is a fully costed policy.

“Under ACT Labor’s tax grab, they’ll triple rates but will also exclude purchasers of established homes from concessional stamp duty rates. This means many first home buyers who were eligible for concessions are now $8,337 worse off on the purchase of an average priced home.

“The Canberra Liberals are proud to give first home buyers the assistance they deserve from government,” Mr Smyth concluded.

Stamp duty amount payable
Price of established home Canberra Liberals ACT Labor/ Greens Savings under the Liberals
$350,000 (with a concession) $20 $10,925 $10,905
$350,000 (without a concession) $6,125 $10,925 $4,800