e-Revenue Queensland Issue 8 September 2008

Transfer duty cuts for first homebuyers

From 1 September 2008 first homebuyers will not pay transfer duty (stamp duty) on homes valued up to $500,000 (previously $350,000).

In addition to increased concessions to first home buyers, other Queensland Government initiatives announced in the 2008-09 State Budget include:

  • the increase of Principal Place of Residence concession to $350,000
  • the abolition of mortgage duty from 1 July 2008
  • transfer duty concession on vacant land purchased to build a first home, up to the value of $150,000.

Including the existing First Home Owners Grant, for a home valued up to $500,000 this represents a total benefit for first home buyers of $15,925.

To be eligible for the above concessions, including First Home Owners Grant, homebuyers must meet certain residency conditions.

For more information on the Queensland Government’s housing affordability initiatives, visit the First Home Buyers website