Buying your first home is an exciting milestone, but it comes with various costs—one of the biggest being stamp duty. If you’re a first-home buyer in Queensland, you might be wondering whether you’ll need to pay stamp duty on your purchase. The good news is Queensland offers stamp duty concessions for eligible first-home buyers, which could save you thousands of dollars.
Stamp duty, also known as transfer duty, is a tax the Queensland government charges when you purchase property. The amount you pay depends on the property’s value and can be a significant cost. However, if you’re a first-home buyer, you might be eligible for a concession or even an exemption, depending on the value of the property you’re buying.
If you’re purchasing a new or existing home valued at up to $800,000 in Queensland, you may qualify for a concessional stamp duty rate. This means you’ll still need to pay stamp duty, but it will be significantly less than the standard rate.
For instance, if you’re buying a property worth $750,000, the standard stamp duty would be $19,600. But with the first-home buyer concession, you’ll only need to pay $10,925—saving you $8,675.
These are the current concessions for a New or Existing Home:
Planning to buy vacant land and build your home? If the land is valued at up to $500,000, you could qualify for a stamp duty concession. This is a great way to make buying land more affordable while staying within your budget as you plan to build your dream home.
For example, If you’re purchasing vacant land valued at $420,000, the standard stamp duty would be $13,125. However, with the first-home buyer concession, the stamp duty is reduced to $7,420, offering you a saving of $5,705.
These are the current concessions for Vacant Land:
If you’re a first-home buyer in Queensland, you could benefit from stamp duty concessions, but you need to meet certain criteria:
If you meet all these conditions, you’ll be eligible for a concessional stamp duty rate, saving you thousands of dollars.
Stamp duty can be a significant expense on top of the property price, but Queensland’s concessions for first-home buyers can greatly reduce this cost. These concessions are designed to help you get into the property market without the extra burden of high taxes, making your first home purchase more affordable.
You can use these savings to boost your deposit. A larger deposit results in a better Loan to Value Ratio (LVR), which can help you avoid the need for lenders mortgage insurance and qualify for more competitive interest rates.
Navigating the stamp duty rules and ensuring you get all the concessions you’re entitled to can be tricky. To ensure you don’t miss out on any savings, talk to a UNO mortgage broker. Our experts can guide you through the home-buying process and make sure you’re getting the best deal on both your home loan and stamp duty. Contact a UNO broker today to explore your options and maximise your savings on your first home purchase.
Source: Queensland Government
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