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 Queensland, first home owners receive a concessional rate of transfer duty on homes worth up to $550,000. This concession is applied by deducting a set amount from the usual rate of transfer duty that would apply to owner/occupiers.
This means that you will effectively pay no transfer duty if you’re buying a first home worth less than $500,000, with a concessional rate applying to home valued between $500,000 and $550,000.
If you’re buying vacant land, you’ll also receive similar benefits, which mean that you’ll pay no transfer duty on land valued up to $250,000. A concessional rate applies to land valued between $250,000 and $400,000.
For more information, visit the QLD Government website.