Buying your first home is an exciting milestone and some recent changes in Queensland are aimed at making that achievement even easier.
The State Government has brought in several changes to help make home ownership more accessible and affordable.
What Are the New Changes?
The reforms include:
- No stamp duty on homes up to $700,000. That’s up from previous threshold of $500,000.
- Concessions on stamp duty for homes up to $800,000. There are now sliding scale concessions on homes valued between $700,000 and $800,000.
- First home owner grant. There’s up to $30,000 on offer for people buying or building a new home. This grant can be combined with the new stamp duty concessions, meaning there’s even greater financial relief available.
- Vacant land concession. The first home vacant concession has increased from $250,000 to $350,000. This is a significant saving for anyone buying land.
How do I know if I’m eligible?
To ensure you meet the criteria for the first home concession, go to: https://qro.qld.gov.au/duties/transfer-duty/concessions/homes/first-home/ You must be at least 18 years old, never owned property in Australia, and plan on living in the house as your primary residence.
Calculate Your Savings
To work out how much you can save on stamp duty, go to: https://qro.qld.gov.au/duties/transfer-duty/calculate/transfer-duty-estimator/
Don’t Forget the First Home Owner Grant
And if you’re building a new home, don’t forget to apply for the First Home Owner Grant. See https://qro.qld.gov.au/property-concessions-grants/first-home-grant/apply/ for more information, or an approved agent like your bank or lending institution can apply for you.
Need Help? Contact GLG Legal
If you’re ready to take the leap into home ownership, make an appointment with one of our property and conveyancing experts here at GLG Legal. Contact our office on: (07) 3288 3511 or info@springfieldlegals.com.au.