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.
Daniel Trotter
As a Mortgage Broker at Brisbane Home Loans, Daniel brings experience from both sides of the lending process. He began his career with a major Australian bank and progressed to Credit Officer, where he assessed and approved home loan applications and gained firsthand insight into how lenders evaluate borrowers. After working with several mortgage broking firms, Daniel brought that credit assessment expertise to Brisbane Home Loans, where he focuses on structuring applications correctly, navigating complex lending scenarios and giving clients the strongest opportunity for approval. His experience allows him to approach home lending with an understanding of what happens on the assessor's desk, not just what appears in a lender's product guide.
