The Queensland and Federal governments have several programs in place to help people start climbing the property ladder.
The first option is the First Home Concession. This is designed to ease the financial strain that comes with buying your first home by cutting stamp duty costs.
The concession only applies to a home you’re going to live in, not an investment property and can save buyers up to $24,525. To be eligible you need to be:
- Aged 18 years or older
- Be a first-time home buyer
- You must move into the home within 12 months of settlement, and live there for one year
- The home must be valued under $800,000 to receive part of the concession; if it’s valued under $700,000, you could be eligible for the full benefit
The First Home Concession will not apply if you demolish the existing house without living there, even if you build and occupy the new home within 12 months.
If you’re unsure, buyers can pay stamp duty at the full rate and then claim the concession at a later date.
To calculate your First Home Concession rate, go to: https://qro.qld.gov.au/duties/transfer-duty/calculate/concession-rates/
First Home Owner Grant
This grant is available to first homeowners buying a brand-new home. You can claim both the grant and the concession, but it’s important to check the eligibility requirements.
For buying or building a new home, the First Home Owner Grant amount is:
- $30,000 for contracts signed between November 20, 2023, and June 30, 2025.
- $15,000 for contracts signed before November 20, 2023.
After June 30 this year, the grant amount will revert to $15,000.
The value of your new home must be under $750,000 (including land), and it’s important to remember the grant is only available to anyone buying a home that has not been previously occupied.
You must be aged over 18 and be Australian citizen, and you or your spouse must not have previously received a first home owner grant in any state or territory of Australia.
The grant is not available to anyone purchasing an investment property.
If you need help applying for either the First Home Concession or the First Home Owner Grant, the property experts here at Bickell & Mackenzie are here to help you.
Phone our office on: (07) 3161 9555 or email: info@bimalaw.com.au to make an appointment.
