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Canberra Homebuyers ‘to Benefit from Policy Changes’

By Ben Faulks

The ACT government has revealed that Canberrans will benefit from new housing policies set out in the 2013-14 budget for the territory.

Amendments to the First Home Owner Grant, the Home Buyer Concession Scheme and the Land Rent Scheme are all being implemented, news that may be welcomed by those seeking Belconnen real estate.

The First Home Buyer Grant will be increased from its current level of $7,000 up to $12,500 from September 1 this year, with the government saying it would be a boon for people looking for their first purchase, as well as the construction industry.

Similarly, the Home Buyer Concession Scheme has been expanded, with stamp duty yesterday (June 5) reduced to $20 for households with annual incomes of up to $160,000 – an additional $10,000 buffer.

The property threshold for the initiative has also risen to include dwellings worth $425,000, up from $385,000.

Lastly, changes to the Land Rent Scheme will be enforced from October this year, with the initiative being refocused on low- and middle-income households.

"Access to the scheme will only be available to applicants who do not own other property, have an income under $89,100 … and in situations where the lessee or at least one of the lessees lives on the parcel of land under the lease," the government said.

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