Maximise your First Home Savings
Great News: Your Dream Home Just got More Affordable!
Looking to buy your first home in Queensland? We've got some fantastic news for you! From 1 May 2025, if you're buying a brand-new home or vacant land, you'll pay absolutely no stamp duty – no matter how much your property costs!
The Queensland government is scrapping transfer duty completely for first-time buyers purchasing newly built homes or land to build on. Until now, this break only applied to homes under $800,000, but soon there'll be no upper limit. Plus, you can even rent out part of your new place in the first year to help with those mortgage payments!
Even better, these stamp duty savings line up perfectly with some First Home Owner Grant changes, creating a golden opportunity window for smart buyers.
Check Out These Amazing Savings!
Look at what you could save on your dream home:
|
Property Price |
Stamp Duty Before 1 May 2025 |
Stamp Duty After 1 May 2025 |
Money Back in Your Pocket |
|
$600,000 |
$9,096 |
$0 |
$9,096 |
|
$800,000 |
$21,850 |
$0 |
$21,850 |
|
$1,000,000 |
$30,850 |
$0 |
$30,850 |
Do You Qualify? It's Pretty Simple
You'll qualify for this money-saving concession if:- You're buying a new home or vacant land to build your dream home
- You've never claimed a first home concession before
- You've never owned a home anywhere before
- You're at least 18 years old
- You'll move in within 1 year of settlement
Don't Miss This Double-Savings Opportunity
Timing alert! Right now, eligible first home buyers can get a generous $30,000 grant, but this drops back to $15,000 for contracts dated from 1 July 2025.This grant applies to new homes valued up to $750,000, and you'll need to live in your new place for at least 6 months.
Here's where it gets really exciting - if you buy between 1 May 2025 (when stamp duty exemptions start) and 1 July 2025 (before the grant drops), you could score both the full $30,000 grant AND pay zero stamp duty! That's potentially $60,000+ back in your pocket if you hit this sweet spot!
What Counts as a "New Home?"
A "new home" means either:- A brand-new property that nobody has lived in or bought as a home before, or
- A substantially renovated home that hasn't been lived in since the renovation
Buying With a Partner Who Already Owns a Home?
No problem! If you're eligible, you can still claim your share of the savings. Your partner might qualify for a different concession or none at all. These calculations can get tricky, but that's why we're here at Cozee Conveyancing - we'll sort it all out for you.
Keeping Your Hard-Earned Savings
A few simple rules to make sure you keep all your concession benefits:- Don't sell or rent out any part of your property before you move in
- You can rent out part of your home after moving in (hello, extra income!)
- Don't rent out your entire property within the first year
- Live in the home as your main residence
Your Quick Checklist
- Stamp duty exemption starts 1 May 2025
- Live in your property for at least 1 year after settlement
- First Home Owner Grant drops from $30,000 to $15,000 on 1 July 2025
- Sweet spot for maximum savings: May-June 2025 (potential for $60,000+ in combined savings!)