The Australian Capital Territory government has announced stamp duty cuts for homeowners as part of its stimulus package to support local jobs.
[Purchasersofnewsingle-blockresidentiallandwillhavetheirstampdutywaivedThosewhoplantopurchaseoff-planapartmentsandtownhousesnotexceeding$500000invaluewillalsonotbechargedstampduty
The stamp duty for off-plan apartments with price tags over $ 500,000 to $ 750,000 will be reduced to $ 11,400.
Home buyers can apply for the waiver until June 30 of next year.
At the same time, the ACT government will extend the pension rights scheme for retirees by one year.
Under the concession scheme, retirees who buy a property whose value is lower than the median value of the property will benefit from a total or partial reduction in stamp duties.
ACT's chief minister, Andrew Barr, said these initiatives should encourage growth and support jobs in the construction industry.
"The local ACT construction industry employs and supports tens of thousands of families in Canberra," he said. "These measures will save new homebuyers thousands of dollars, whether they are entering the housing market for the first time or planning to move."
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