Yahoo Finance Stamp duty slashed by $17,350 for these Aussies in cost-of-living boost
Eligible Queensland first-home buyers won’t have to pay stamp duty if the property they are buying is valued at $700,000 or less.
The Queensland government will reduce stamp duty costs for thousands of first-home buyers in the state. The move is among the cost-of-living measures to be included in the state budget, along with 50 cent public transport and cutting car registration fees.
The government will increase the threshold for the first homeowner concession on transfer duty from $500,000 to $700,000. The concession will then phase out for home values of $800,000.
The threshold for the first home vacant concession will also increase from $250,000 to $350,000, before phasing out for values of $500,000.
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The government said this would save some eligible first-home buyers up to $17,350, based on a property value of $700,000. It is set to benefit 10,000 buyers in the state per year.
Premier Steven Miles said the move meant aspiring homeowners would be given “a fairer go”.
“I want young Queenslanders to have more opportunity than their parents including the opportunity to own their own place. I want that for my kids too,” Miles said.
“This is a real cost-of-living measure that will also help deliver inter-generational prosperity. The concessions will put the dream of owning a first home within reach of more Queenslanders.”
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To offset the demand expected from first-home buyers, the government has increased the foreign investor land tax surcharge to 3 per cent. This is still lower than other major states, with New South Wales and Victoria surcharges at 4 per cent.
The transfer duty surcharge for foreign buyers will increase to 8 per cent, in line with the other two major states.
It comes as house prices in Brisbane skyrocket, with the Sunshine State capital behind only Sydney as the most expensive Aussie city to buy a house. Brisbane's median house value is currently $937,479, while units are $615,429.
Who is eligible for Queensland’s stamp duty concessions?
The Queensland first home concession is open to first-home buyers who are buying or acquiring a home. You must be at least 18 years old and move into the home and live there within one year of settlement. See the full eligibility criteria here.
The first home vacant home land concession is open to first-home buyers who are buying or acquiring vacant land. You must be at least 18 years old and build your home, move in and live there within two years of settlement. See the full eligibility criteria here.
What stamp duty exemptions are there in Australia?
New South Wales
Under the First Home Buyers Assistance Scheme, full exemptions are offered on new or existing homes valued up to $800,000 or vacant land below $350,000. The threshold for concessions is $1 million and $450,000 respectively. Find out more here.
Queensland
Under the changes, full exemptions will be offered for properties valued up to $700,000 and vacant land up to $350,000. The threshold for concessions will be $800,000 and $500,000 respectively. Find out more here.
South Australia
Stamp duty will be axed for all first-home buyers who buy or build a new home, with the government removing property value limits. Find out more here.
Victoria
An exemption is available for first-home buyers if your property is worth $600,000 or less, and a concession for those between $600,001 and $750,000. There are also temporary offers. Find out more here.
Tasmania
First-home buyers can get a 50 per cent discount on stamp duty of an established home valued at $600,000 or less up until June 30. Find out more here.
Western Australia
First-home buyers in WA may be eligible for exemptions on homes and land valued below $450,000 and a concessional rate up to $600,000. Find out more here.
Northern Territory
There are limited offers to reduce stamp duty in the NT, but you could be eligible if you buy a house and land package. Find out more information here.
Australian Capital Territory
Under the home buyer concession scheme, you can get stamp duty relief under certain circumstances on new or established homes, at any price. Find out more about the income thresholds here.
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