As part of Queensland’s 2024-25 State Budget, the Steven Miles Labor Government has announced that it will reduce the stamp duty for first home buyers in Queensland. Along with this they will maintain the $30,000 First Home Owners Grant (FHOG) currently available for the purchase & construction of brand new homes.
Prior to this announcement, eligible first home buyers in Queensland could only receive a stamp duty exemption for the purchase of an established or new home up to $500,000, but now aspiring first homeowners in QLD will receive a full exemption up to $700,000. Furthermore, if you purchase a home between the value of $700,000 & $800,000, you will qualify for a Stamp Duty discount.
This announcement comes amidst Brisbane property prices rising to a record level to $828,000 which can be attributed to the lack of supply of housing in the State. The Miles Government believe around 10,000 first home buyers a year will benefit from the increase in thresholds.
For first home buyers who are looking to build their first home, you will qualify for a full stamp duty exemption if you purchase a vacant land for $350,000 or less, with concessions applied between $350,000 to $500,000
In addition, the $30,000 FHOG will continue with a price cap of $750,000 for the purchase or construction of a new home.
What will the removal of stamp duty mean for first home buyers?
- Help first home buyers get into their first home with reduced costs of buying their first home.
- Help QLD first home buyers achieve their dream of owning their first home sooner by avoiding the need to save for the large cost of stamp duty.
- Boost the economy as the vacant land exemption/concession is expected to create more demand for new housing, leading to more jobs being created.
- First home buyers can purchase established homes without any stamp duty for homes up to $700,000, this means that you may only need a minimum deposit of $14,000 to qualify for the Federal Government FHBG Scheme.
- It is expected to help over 10,000 first home buyers each year.
Queensland Premier – Steven Miles
To work out the exact costs of buying your first home in Queensland, use our eligibility estimator
What properties can I purchase?
- Established homes up to $700,000 with no stamp duty
- Established homes up to $800,000 with discounted stamp duty amounts
- Vacant Land up to $350,000 with no stamp duty
- Vacant Land up to $500,000 with discounted stamp duty amounts
- Build a home under $750,000 to receive the $30,000 FHOG.
Is the First Home Owners/Buyers Grant still available in Queensland?
The first home owner/buyer grant is available to eligible applicants who purchase or build a new home in Queensland, it currently stands at $30,000 – it expected to remain at this level till 2026. The first home builders grant in QLD is only applicable on the purchase or construction of new dwellings.
For more information on the current incentives available, please click here
How can I get started with my first home buying journey in Queensland?
Simply complete the below enquiry form for a free Discovery Session with an FHBA Coach who can assist you with things like your QLD FHOG eligibility, Stamp duty exemption claim, FHBA 50 Rebate eligibility and most importantly your first home borrowing capacity – ALL AT NO COST TO YOU!
It is a good idea to get some expert advice from a qualified lending expert, who will also take care of applying for your first home ownership assistance programs provided by the Queensland & Federal Government & at no cost to you and also provide recommendations on whether a new or established home would work best in your situation.
Written By,
First Home Buyers Australia
