FIRST HOME TRANSFER DUTY SHAKE UP IN QUEENSLAND

From 1 May 2025, first home buyers who enter a contract to purchase a new home to live in (or vacant land on which to build a home to live in) will be able to apply for a full transfer duty exemption.

Previously, first home buyers have been able to claim an exemption up to $700,000 and a concessional rate for homes valued up to $800,000. A vacant land concession has also been available for lots valued up to $500,000.00.

Under the new changes, first home buyers who enter into a contract to purchase a new home or vacant land on which to build a home will be able to apply for the exemption with no threshold limitations.

This new relief is in addition to the Queensland First Homeowner Grant which provides for a grant of up to $30,000.00 for contracts signed before 30 June 2025 (to be reduced to $15,000.00 after 30 June 2025).

*Eligibility criteria will apply.

For a more complete review of transfer duty (also known as either stamp duty or land transfer duty) – please refer to our blog article www.maplawyers.com.au/transfer-duty-qld-new-vic/