Concessions and exemptions for home buyers and retirement village residents:
1. Abolition of Mortgage Stamp Duty;
2. An increasing in the threshold for the firm home buyers duty exemption from $320,000.00 to $500,000.00;
3. An increase in the ceiling for the principal place of residence concession from $320,000.00 to $350,000.00; and
4. An extension of the principal place of residence concession to retirement village residents who adopt lease and sub-lease occupancy arrangements, which has never applied before.
When combined with the new duty rates, these concessions and exemptions will reduce the duty payable on homes valued between $320,000.00 and $1,000,000.00.