QLD Stamp Duty Concession Threshold Increase Changes

In great news for first home buyers in Queensland, the Queensland Government recently announced changes to the First Home Stamp Duty Concession available for first home buyers across the state. These changes bring the scheme more in line with house prices across the state, which have reached new record highs despite substantial RBA rate hikes.

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What was the previous QLD First Home Concession Threshold?

The QLD First Home Concession previously had two levels:

  • A set purchase price at which a full stamp duty concession applies- first home buyers paid no stamp duty at or under this price point
  • A sliding price point at which a partial stamp duty concession applies

This concession had previously been set at the below levels:

First Established Home Concession:

  • Full stamp duty concession for a purchase price up to $500,000
  • Partial stamp duty concession for a purchase price between $500,000 and $550,000

First Home Vacant Land Concession:

  • Full stamp duty concession for a purchase price up to $250,000
  • Partial stamp duty concession for a purchase price between $250,000 and $400,000

What are the new QLD stamp duty concession threshold changes?

On 9th June 2024, the QLD Government announced that they are going to increase the price limit on the First Home Concession, a commitment that the opposition has confirmed they will also honour if they are elected.  The proposed changes are as below:

First Established Home Concession:

  • Full stamp duty concession for a purchase price up to $700,000 (up from $500,000)
  • Partial stamp duty concession for a purchase price up to $800,000 (up from $550,000)

First Home Vacant Land Concession:

  • Full stamp duty concession for a purchase price up to $350,000 (up from $250,000)
  • Partial stamp duty concession for a purchase price up to $500,000 (up from $400,000)

Our Stamp Duty Calculator is up to date with these changes if you would like to see exactly how this can help you save on stamp duty!

When do the QLD stamp duty concession threshold changes take effect?

The announced changes take effect for all purchase contracts signed on or after 9th June 2024. All contracts signed prior to this date are subject to the previous thresholds. 

If you have entered into a purchase contract prior to this date and the changes would apply at your new purchase price, we would recommend getting in touch with a qualified conveyancing solicitor to see what your options may be. 

Who is eligible for the stamp duty concession in QLD?

There are strict criteria to be eligible for these stamp duty concessions and a summary of the main criteria is below:

  • You do not need to be an Australian citizen or permanent resident, foreign buyers may qualify as long as the remaining criteria are met
  • The property must be purchased as an individual
  • You have never claimed first home concessions before (for vacant residential land or for an established home)
  • You have never owned property anywhere in Australia or overseas
  • You are at least 18 years of age
  • You must move into the property as your principal place of residence and live there within one year of settlement
  • You cannot dispose of any part of the property before you move in (‘dispose’ means to sell, lease or otherwise grant exclusive possession of the property)
  • Must pay market value for the property

Chat to our expert mortgage brokers or check the Queensland Revenue Office website for full details on the eligibility criteria

More information for first home buyers

Other important information relating to the stamp duty concessions include:

  • You will likely still be required to pay transfer duty, mortgage registration and title search fees, even if you qualify for a First Home Concession. These are other government costs involved
  • The First Home Concession may be able to be used in conjunction with other government schemes and offers for first home buyers including the First Home Guarantee and First Home Owner Grant
  • The First Home Concession is not available for an investment property purchase- you must be purchasing the home to live in yourself.

To explore what options are available to you as a first home buyer, get in touch with an expert mortgage broker at Simplifi Lending today!

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