Buying your first home is a momentous occasion! Brisbane Home Loans is here to help you navigate the Queensland Government’s First Home Concession, potentially saving you thousands on stamp/transfer duty. Let’s break down the details and understand how you can benefit, especially with the latest exciting news!
Understanding the First Home Concession
This concession helps reduce or eliminate the stamp/transfer duty you pay on your first home purchase. The amount you save depends on whether you’re buying an established or new home.
Eligibility for the First Home Concession (General):
To qualify, you typically need to meet these criteria:
- Be at least 18 years of age.
- Be an Australian citizen or permanent resident (or applying with someone who is).
- You, or your spouse, must not have previously owned a property in Australia.
- You must be buying the property to live in as your principal place of residence.
- You must move into the property within 1 year of settlement and live there continuously for 6 months.
The Game-Changer: No Stamp Duty on New Homes (From 1 May 2025 Onward!)
Fantastic news for aspiring homeowners! As announced, starting in May 2025, first home buyers purchasing new homes or new builds will pay no stamp/transfer duty at all. This is a significant benefit, potentially saving you a substantial amount and making homeownership even more attainable.
First Home Concession for Established Homes:
If you’re considering an established (previously lived-in) property, the First Home Concession still offers significant savings.
The property value thresholds depend on whether you’re purchasing in Regional Queensland or Brisbane Metro Area. Please refer to the details below:
- Property Value in Regional QLD up to $550,000: You’ll receive the maximum concession, reducing your stamp/transfer duty to zero.
- Property Value in Regional QLD between $550,001 and $600,000: A partial concession applies, reducing your stamp/transfer duty amount. The exact discount decreases as the property value approaches $600,000.
- Property Value in Regional QLD above $600,000: No concession applies; you’ll pay the full stamp/transfer duty.
- Property Value in Brisbane Metro up to $700,000: You’ll receive the maximum concession, reducing your stamp/transfer duty to zero.
- Property Value in Brisbane Metro between $700,001 and $750,000: A partial concession applies, reducing your stamp/transfer duty amount. The exact discount decreases as the property value approaches $750,000.
- Property Value in Brisbane Metro above $750,000: No concession applies; you’ll pay the full stamp/transfer duty.
Applying for the First Home Concession:
Your conveyancer or solicitor typically handles the application as part of the property purchase process.
- Ensure you meet all eligibility requirements.
- Provide required documentation (proof of identity, contract of sale, etc.).
- Your legal representative will submit the application on your behalf.
Brisbane Home Loans: Guiding You Home
Navigating government concessions and the home-buying process requires expert guidance. Brisbane Home Loans can help you understand your eligibility, navigate the application, and secure the right financing.
Contact Brisbane Home Loans today to explore your options and take the first step towards homeownership!
Disclaimer: This guide provides general information only and does not constitute financial advice. Eligibility criteria, concession amounts, area definitions, and effective dates are subject to change. Always confirm the latest details with the Queensland Office of State Revenue, your legal representative, or a qualified financial professional.
