The Miles Labor Government is making it easier for Queenslanders to buy their first home with new concessions on transfer duty! The threshold for the first homeowner concession has been increased by $200,000 to $700,000. This means eligible first home buyers can save up to $17,350 on a $700,000 property!
Key Highlights:
- First Home Owner Concession Threshold Increased: The threshold for the first homeowner concession on transfer duty has been raised from $500,000 to $700,000. This significant change allows first-time buyers to save more when purchasing a property.
- Maximum Savings: If you purchase a home valued at $700,000, you can save up to $17,350 in transfer duty. This concession gradually phases out for property values up to $800,000.
- Vacant Land Concession Increased: The concession threshold for first home vacant land has increased from $250,000 to $350,000, phasing out up to values of $500,000.
📈 Examples of Savings:
- Wendy in Pimpama: Purchased a home for $700,000. Previously, she would have paid $17,350 in transfer duty. With the new concession, she pays $0, saving $17,350.
- Joshua in Cairns: Bought a house for $611,730. He would have paid $13,381 in transfer duty, but now saves the full amount with the new concession.
- Asha and William in Mackay: Bought a house for $613,799. Previously, the transfer duty was $13,471. With the new concession, they save $13,471.
📣 Premier Steven Miles: "By increasing the eligibility threshold, we are giving aspiring homeowners a fairer go."
For more details on eligibility and how to apply, visit the Queensland Revenue Office website.
