Stamp Duty Savings for First Home Buyers in Queensland – Your Guide to Saving Thousands!
Are you a first-time homebuyer in Queensland looking to save on stamp duty? Great news! The Queensland government offers a fantastic opportunity for first-time homebuyers to save big on transfer duty, commonly known as stamp duty. The threshold for the concession changed on 9 June 2024 and it was raised to $800,000 making even more savings possible. Let’s explore the details of this money-saving concession and how it could benefit you.
Slash your stamp duty with the first home concession
Imagine saving up to $24,525 on your first home purchase! That’s exactly what the first home concession offers to eligible buyers in Queensland. This concession applies to homes valued under $800,000, potentially slashing your transfer duty to zero for properties up to $700,000.
Who can claim this stamp duty concession?
You might be wondering if you qualify for this amazing offer. Here’s a quick checklist:
- You’re at least 18 years old
- You’re buying as an individual (sorry, companies!)
- You’ve never owned a home before (anywhere in the world)
- You’ll move in within a year and make it your primary residence
- You’re paying market value for homes between $700,001 and $799,999
If you are looking to buy your first home with a partner or friend, good news! The first home concession is flexible when it comes to multiple buyers:
- You can claim the concession on your share of the property, even if other buyers don’t qualify.
- Not everyone buying the property needs to be eligible for the same concession.
- In some cases, different buyers might be eligible for different concessions. For example, in a couple, one person might claim the first home concession while the other claims a home concession.
Keep in mind that calculating duty in these mixed scenarios can be complex. LINK Advance can calculate this for you and also let you know if you are entitled to any more money saving consessions.
The Queensland Government provides a handy transfer duty calculator to help you estimate your potential payments.
The best part? You don’t need to be a citizen!
That’s right! You don’t have to be an Australian citizen or permanent resident to claim this stamp duty concession. However, keep in mind that additional foreign acquirer duty may apply if you’re a foreign person.
Crunching the numbers
Let’s look at some examples to see how much you could save:
| Home Value | Duty Payable | Calculations |
|---|---|---|
| $650,000 | $0 | No duty payable because the value of the residence is under $700,000. |
| $730,000 | $6,555 | The home concession reduces the duty to $18,700. As the first home is valued between $730,000 and $739,999.99, a further concession of $12,145 applies |
| $850,000 | $24,100 | Only the home concession applies because the value of the residence is over $800,000 |
As you can see, the savings are substantial, especially for properties under $700,000!
How to claim your concession
Claiming your concession is straightforward. You’ll need to complete a few forms when lodging your contract for stamping:
- Claim for home or first home transfer duty concession (Form D2.1)
- Identity details annexure for each non-Australian transferor and transferee
- Form 1 Transfer and Form 24 from Titles Queensland
But wait, there’s more!
If you’re buying a brand-new home, you might also be eligible for the First Home Owner Grant. Yes, you can claim both the grant and the transfer duty concession, but keep in mind that each has its own eligibility requirements.
The fine print
Remember, to keep the full benefit of the concession, you must not dispose of the property (or even part of it) within one year of moving in. This includes renting out a granny flat on the property.
At LINK Advance, we’re excited about helping first-time homebuyers achieve their dreams. This concession is a fantastic opportunity to save thousands on your first home purchase in Queensland. If you have any questions about how this could apply to your situation, don’t hesitate to reach out to our team of experts.
Happy house hunting!
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General advice disclaimer
The information provided on this website is a brief overview and is general in nature. It does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision. Please consult with an appropriate professional before making any decision.
