Increased limit on first home concession duty for Queenslanders buying or building their first home

July 25, 2024

The first home and first home vacant land transfer duty concession thresholds have been raised by the Queensland Government, taking effect for contracts signed on or after 9 June 2024.

Before the change, no duty was payable for first home buyers who purchased an existing property valued at $500,000 or less. The increased threshold means that no duty is payable when a property is valued at $700,000 or less, with the concession then opening up to values of $800,000, a significant increase to previous values.

For vacant land, the threshold has now been increased for land valued under $500,000, up from $350,000.

If you meet specific qualifications, you may be eligible to claim a first home concession for transfer duty when you purchase your first home. You may be eligible if you:

1. are an adult purchasing the property individually;
2. have never previously claimed the concession;
3. are acquiring an interest in land which will be your primary place of residence for the first time in Australia or overseas; and
4. intend to move to the property and make it your primary residence within a year of your purchase settling.

It is worth highlighting that this decision only affects first home and first home vacant land duty concessions. There have been no other changes made to stamp duty concessions in the recent decision made by the Queensland Government.

To find out more, you can read Queensland Government’s details about the first home concession or talk to a member of the residential conveyancing team at Fox and Thomas.