From 1 September 2008 first homebuyers will not pay transfer
duty (stamp duty) on homes valued up to $500,000 (previously
In addition to increased concessions to first home buyers, other
Queensland Government initiatives announced in the 2008-09 State
the increase of the Principal Place of Residence concession to
the abolition of mortgage duty from 1 July 2008; and
transfer duty concession on vacant land purchased to build a
first home, up to the value of $150,000.
Including the existing First Home Owners Grant, for a home
valued up to $500,000 this represents a total benefit for first
home buyers of $15,925.
To be eligible for the First Home Owners Grant, homebuyers must
meet certain residency conditions. In particular, the applicant
be at least 18 years of age on the date of entering into the
contract (unless the Commissioner has specifically granted an
exemption to an applicant under 18 years of age);
a natural person (e.g. not a company or a trust); and
an Australian citizen or permanent resident (at least one of
In addition to this, the homebuyer (or the
homebuyer's spouse) must not have previously:
owned an interest in residential property in Australia before 1
July 2000 (including an investment home);
owned an interest in residential property in Australia, on or
after 1 July 2000, in which the homebuyer has also lived; and
received a First Home Owners Grant anywhere in Australia
(unless the homebuyer has repaid it in full including any
All applicants for the First Home Owners Grant must occupy the
home as their principal place of residence within 1 year of
completion of their purchase and remain in continuous occupation
for at least 6 months. For the most common eligible transaction
types, completion occurs:
when buying a home - when the buyer's
title is registered; or
when building a home - when the building is
ready to occupy and any completion requirements are satisfied.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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