12 Oct, 2019
First Home Buyers Loan,Home Loans Comments Off on Stamp Duty Rebate For First Home Buyers

Transfer duties add considerable cost to the purchase of a property, which is why the Queensland Government has provided First Home Buyers 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 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 pay the normal rate of stamp duties.

EXAMPLE
Properties valued up to $500,000 you qualify for a Rebate of $8,750 which is the maximum rebate available

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 $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 reduces the rate paid or eliminates 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 territory.

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