Is Stamp Duty payable for first home buyers?
In NSW
In NSW, eligible first home buyers no longer have to pay transfer duty on homes valued up to $800,000. For homes valued between $800,000 and $1,000,000 a concessional rate is applied.
As a first home owner, you also won’t pay any transfer duty on vacant land worth up to $350,000, while land valued between $350,000 to $450,000 attracts a concessional rate.
For more information, visit the NSW Government website.
In QLD
As of January 1, 2025, eligible first home buyers in Queensland will not have to pay stamp duty on new builds. This change is part of a broader initiative to make homeownership more affordable for first-time buyers.
However, stamp duty may still apply to purchases of existing homes, depending on the value of the property and the eligibility criteria.
It's important to check the latest government guidelines or get in touch with us to understand your specific situation.
For more information, visit the QLD Government website.