Stamp duty discount expanded for first-home buyers

Queensland Premier Steven Miles announced stamp duty discounts have expanded for first-home buyers in the state.

The cap for the first homeowner concession on stamp duty has increased from $500,000 to $700,000, with properties worth up to $800,000 receiving a phased concession.

The first home vacant land concession threshold increased from $250,000 to $350,000, with land worth up to $500,000 receiving a phased concession.

In its bid to balance the additional demand this is expected to place on property supply, the Miles government increased the foreign investor land tax surcharge to 3%.

Other cost-of-living measures introduced in the state include $1,000 off electricity bills for each household, a 20% discount on car registration and 50c public transport fares from August.

First-home buyers purchasing a newly built property or off-the-plan unit or home can also take advantage of the newly expanded First Home Owner Grant of $30,000 - see eligibility criteria at the Queensland Revenue Office’s website.

How much could this save you?

This increased threshold on stamp duty could save first-home buyers up to $17,350 when purchasing a property up to the value to $700,000 in Queensland.

What is the eligibility criteria?

To be eligible for the first home concession, the buyer must:

  • Be purchasing the property as an individual.
  • Be at least 18 years of age.
  • Move into the property with your personal belongings and live there on a daily basis within one year of settlement.
  • Not sell, transfer or lease all or part of the property before moving in.

For more information about stamp duty, including eligibility criteria, you can visit the Queensland Revenue Office.

Published: 10/6/2024

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