Transfer duties add considerable cost to the purchase of a property, which is why the Queensland Government has provided First Home Buyers with a rebate on all or part of the cost of stamp duties. Under this incentive, a First Home Buyer can receive a rebate o up to $8,750 if you are buying an established or new newly built home priced under $500,000.
The Government rebate also applies if you’re buying a block of land valued at less than $250,000. Under this circumstance, you are entitled to a rebate of $7,175 if you spend $249.999.
The amount you get in rebate differs depending on the price of the property you are buying up to a maximum of $550,000 at which point, the First Home Buyers Rebate cuts out and you will be paid the normal rate of stamp duties.
Example
For properties valued up to $500,000, you qualify for a Rebate of $8,750 which is the maximum rebate available
For properties valued at between $500,000 to $550,000, you’ll pay some stamp duty but the reduction in costs is at a reduced rate. For example, a property valued at $ 505,000: the stamp duty you would normally pay is $8,925. With the rebate you would only pay $1,050 (a saving of $7,875);
Properties valued at $550,000 or more do not qualify for a First Home Buyer Rebate.
First Home Buyer Stamp Duty Concessions
Concessions exist in certain circumstances which either reduce the rate paid or eliminate it.
Where a property is left to a family member following death or where it changes names to an ex-spouse or partner as a result of a divorce, the transaction is exempt from paying Transfer Duty.
Concessions are also available for pensioners, carers and farmers, but vary between states and territories.
