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.