First home concessions Queensland (QLD): your guide to stamp duty, First Home Owners Grant (FHOG), and more.
Are you considering buying your first home in the sunshine state? A median property in Brisbane will cost around $725,000, according to Property Update.
Steep property prices can be a challenge for first home buyers amid interest rate increases. In Q1 2023, first home buyers represented 36% of property sales - a 6-year low, according to NAB.
The Queensland government offers concessions to help first home buyers enter the market. Here’s everything you need to know about Queensland’s first home concessions.
Stamp duty concessions in Queensland include the following:
For more information, click here.
In Queensland, a $15,000 First Home Owners Grant (FHOG) is available to first home buyers who build, buy, or substantially renovate their first homes. Eligibility is as follows:
Purchases of recently substantially renovated homes (i.e, the whole building or most of the rooms) may receive FHOG provided no one lives in them after the renovation.
Investors may be eligible for FHOG, provided they have owned the property since 1 July 2000 and used it solely for investment purposes. In this case, you could qualify for the grant on a new home purchased as a PPOR.
The Queensland First Home Owner Grant is a scheme co-funded by the state and Federal governments designed to promote homeownership for first-home buyers.
Want to know whether you are eligible? A UNO broker can help explore your options.
In Queensland, there is a transfer/stamp duty concession for eligible first buyers purchasing a home valued at less than $550k.
Stamp duty is waived on homes worth less than $500k while concessional rates apply to those valued $500-550k, saving buyers up to $15,925.
To apply for the first home duty concession, buyers must meet the following criteria:
Unlike in some other states, you do not need to be an Australian Citizen or permanent resident to access Queensland stamp duty concession. You could still need to pay a 7% foreign duty, though.
You can still be eligible for the concession when buying a property with someone who has received concessions before. When this happens, the concessional rate applies to your share (i.e., half) of the property.
The first home vacant land concession of up to $7,175 applies to land valued under $400k that will be used to build your first home.
Land needs to be empty, only hold one property, and be built and occupied within 2 years of settlement. Further eligibility can be found here.
In Queensland, a (stamp) duty concession exists for owner-occupied properties. The idea is that people who live in their own homes pay less than investors.
The home concession applies to the first $350,000 of a property’s value, saving up to $7,175.
People who have owned property before are eligible for this concession provided they move into and live in the property within a year of settlement.
UNO Brokers are available night and day for a quick review or your situation and bring expertise that will support better decision making that will save you time and money. Book in a quick call when it suits your busy schedule
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