Great news for first home buyers in Queensland! The Queensland Government Revenue Office has announced the removal of stamp duty for properties valued at $700,000 and under. This significant change aims to ease the financial burden on first-time home buyers and make home ownership more accessible in the face of rising property costs and inflation.

ARE YOU ELIGIBLE?

To be eligible for a first home concession when you buy or acquire a home, you must:

• Be legally acquiring the property as an individual
• Have never claimed the first home vacant land concession
• Have never held an interest in another residence anywhere in Australia or overseas
• Be at least 18 years of age
• Move into it with your personal belongings and live there on a daily basis within 1 year of settlement
• Not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in
• Be paying market value if the residence is valued between $700,001 and $799,999.

WILL THIS AFFECT YOU?

Stamp Duty is calculated at the home concession rate minus the additional concession amount. Under the new rules, if your home is valued at $700,000 or less, the first home concession amount will match the home concession rate, resulting in no stamp duty payable. This is a substantial increase from the previous threshold, where only properties purchased or valued under $550,000 were eligible for concession deductions. Homes valued at $550,000 and over could not previously claim the first home concession.

For contracts signed on or after June 9th, 2024, the threshold has now increased to $800,000, providing opportunities to save up to $24,525. This is a fantastic step forward for first home buyers, offering much-needed financial relief in an increasingly expensive property market.

This change represents a significant step in supporting Queenslanders looking to buy their first home. It acknowledges the challenges posed by inflation and rising property costs, making it easier for more people to achieve the dream of home ownership.

For more information on claiming a first home concession for transfer (stamp) duty when acquiring your first residence, visit Queensland Revenue Office’s website.

Don’t miss out on this opportunity to save on your first home purchase in Queensland! Contact us today for a free personalised quote here.