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:
- Purchase the property as an individual.
- Be at least 18 years old.
- Move into the property with your personal belongings and live there daily within one year of settlement.
- 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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