If you’re in the market for a new home, there are lots of things to consider. From property locations and values to interest rate structures and government incentives, it’s important to keep your finger on the pulse. First home owner stamp duty QLD rates schedule is another key factor, with this levy adjusted to help first-time buyers as they enter the property market.
Stamp duty is a tax levied on the transfer of property ownership. It’s also known as transfer duty, and it has a significant impact on every purchase. Stamp duty exists on all Queensland property deals, whenever the property is bought, sold or transferred. Read on to learn more about stamp duty and how it applies to you as a first-home buyer.
Stamp Duty QLD
Stamp duty is based on the dutiable value of the property, which is either the final purchase price or the recognised market value. The Queensland Revenue Office provides the following current rates (2024):
- Up to $5,000: nothing
- Between $5,001 and $75,000: $1.50 for each $100
- Between $75,001 and $540,000: $1,050 plus $3.50 for each $100 over $75,000
- Between $540,001 and $1,000,000: $17,325 plus $4.50 for each $100 over $540,000
- Over $1,000,000: $38,025 plus $5.75 for each $100 over $1,000,000
Along with property value, stamp duty rates vary based on the asset in question. Residential properties have different rates than commercial properties and land-only purchases have different rates again. Various stamp duty concessions also exist, including the Home Concession and the First Home Vacant Land Concession.
There are also various concessions for first-home buyers, with thresholds and amounts adjusted for this group in an effort to improve ownership rates. Various QLD stamp duty exemptions also apply – for charities, family farm transfers, deceased estates, foreign buyers and seniors.
First Home Buyer QLD Stamp Duty
The current First Home Buyer Duty Concession started on the 9th of June, 2024. It provides a concession amount up to $24,525. This concession is available to all first-time home buyers who purchase a home less than $800,000. Along with property value, there are also restrictions based on the type of buyer. Only individuals qualify, with buyers also needing to occupy the property as their principal place of residence within one year of the purchase.
The Impact Of Stamp Duty On First Home Loan Budgets
The first home buyer stamp duty concession can have a significant financial impact. If you’re in the market for a new home, it’s important to factor in stamp duty calculations. Depending on your situation, you may be able to afford a more expensive property than you think. Working with a specialist mortgage broker for first home buyers is the best way to create an accurate budget tailored to your needs as a future home owner.
Why Choose Professional Lending Solutions?
Professional Lending Solutions offers trusted and tailored home loan finance services based on your unique financial needs. We have vast experience delivering financial solutions, working closely with lenders to find the most competitive rates and terms available. If you want to learn more about first home owner stamp duty in QLD, please contact our team today.
Phil’s journey from banking to mortgage brokering reflects a career driven by a commitment to personalised service and tailored financial solutions. With a distinguished background in banking, including roles at NAB, ANZ and Lloyds TSB Bank in the UK, Phil spent 12 years developing expertise in personal and commercial finance, while also completing a Bachelor of Business (Finance), followed by an MBA majoring in International Business.