Stamp Duty Concessions Expanded for QLD First Home Buyers

Stamp Duty Concessions Expanded for Queensland First Home Buyers

Big News for First-Home Buyers in Queensland!

Queensland Premier Steven Miles has announced exciting new stamp duty discounts that make buying your first home more affordable than ever!

What’s New for First-Home Buyers?

Higher Stamp Duty Concession Cap: The first homeowner concession on stamp duty has been raised from $500,000 to $700,000. Properties worth up to $800,000 will also benefit from a phased concession.

Increased Vacant Land Concession: The concession threshold for first home vacant land has increased from $250,000 to $350,000, with land worth up to $500,000 receiving a phased concession.

Foreign Investor Land Tax: To balance the increased demand on property supply, the foreign investor land tax surcharge has been upped to 3%.

Cost-of-Living Measures: The Queensland government is introducing $1,000 off electricity bills for each household, a 20% discount on car registration, and 50c public transport fares starting in August.

Expanded First Homeowner Grant: First-home buyers purchasing a newly built property or an off-the-plan unit can now access the expanded First Home Owner Grant of $30,000. Check eligibility at the Queensland Revenue Office’s website.

How Much Could You Save on Stamp Duty?

With the new stamp duty threshold, first-home buyers can save up to $17,350 on properties up to $700,000!

Eligibility Criteria for First-Home Buyers:

To qualify for the first home concession, you must:

1. Purchase the property as an individual.
2. Be at least 18 years old.
3. Move into the property with your personal belongings and live there daily within one year of settlement.
4. Not sell, transfer, or lease any part of the property before moving in.

For more details on stamp duty discounts and eligibility, visit the Queensland Revenue Office.

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