First home buyers in Queensland do not have to pay stamp duty for properties valued up to $700,000, and can enjoy stamp duty concessions for home purchases of up to $800,000.

As part of the Queensland Government’s initiative to make the cost of buying a home more manageable for first-time home buyers, the threshold for first home stamp duty concessions in QLD has increased as of 9 June 2024.

First home stamp duty concessions in QLD

First time home buyers in QLD will be fully exempt from the cost of stamp duty when purchasing homes up to $700,000. The threshold has increased from $500,000 to $700,000 as of June 2024.

For properties valued between $700,000 and $800,000, first home buyers are still eligible for stamp duty concessions based on a sliding scale. Here’s how much concession applies to different property values: 

Property value	Stamp duty concession	Stamp duty payable
$700,500	$17,350	$23
$710,000	$15,615	$2,185
$750,000	$8,675	$10,925
$799,000	$1,735	$20,070

First home buyers who wish to buy land now and build later can also benefit from vacant land concession. The first home vacant land concession applies to vacant land valued under $500,000 and allows eligible buyers to get concessions to reduce the payable stamp duty on the purchase of the land. 

The threshold for the first home vacant land concession has also been raised from $250,000 to $350,000 as of June 2024, allowing more eligible buyers to take advantage of the concession.

Who is eligible for first home stamp duty concession? 

First home stamp duty concessions are applicable to buyers who: 

• Are at least 18 years of age
• Have not claimed the first home vacant land concession
• Have never owned or co-owned a property in Australia or overseas
• Will pay the market value of the property if it is valued between $700,001 and $799,999
• Will live in the purchased property as their primary residence within a year of the settlement date

First home stamp duty concessions are also open to individuals who are not Australian citizens or permanent residents, provided that they meet the eligibility criteria.

Stamp duty costs for building a home in North QLD

Stamp duty is a transfer tax that is payable to the Queensland Government for all property transactions. To give you an idea of how much you could save with stamp duty concessions, here are examples of the stamp duty costs for buying a new home in different suburbs of North QLD:

Rasmussen

Median house price: $413,000 

Average stamp duty payable without concession: $5,705

Burdell

Median house price: $531,000

Average stamp duty payable without concession: $9,835

Bohle Plains

Median house price: $570,000

Average stamp duty payable without concession: $11,500

Annadale

Median house price: $575,000

Average stamp duty payable without concession: $11,725

Jensen

Median house price: $740,000

Average stamp duty payable without concession: $19,150

As you can see, being able to get a stamp duty concession or exemption will significantly reduce the cost of buying the home and alleviate some of the financial pressure.

Does the first-home stamp duty concession still apply if my partner is not eligible?

Yes. You can still claim your share of the first home stamp duty concession if you meet the eligibility criteria set out above. The concession amount will depend on how much interest you have in the ownership of the purchased property, as well as the value of the property.

How to get QLD stamp duty concession for a new home build

If you plan on buying a new home build, such as with a house and land package, we can ensure that the QLD stamp duty concession is applied. At Keir Constructions, we’ve built hundreds of new homes in Townsville and helped first-home buyers enjoy cost savings on stamp duty. When you choose to build with us, we’ll provide you with step-by-step guidance for the required details and an official valuation of the property that will go along with your claim for stamp duty concession.