Stamp duty will be eliminated for certain first-time home buyers in Queensland following the passage of new legislation aimed at reducing upfront expenses.
The Revenue Legislation Amendment Bill is set to provide significant cost-of-living relief, according to the government, which emphasized it as a key initiative in delivering a fresh start for Queensland.
It is projected that approximately 3,000 first-time home buyers will benefit from these changes annually.
Starting from the beginning of May this year, first-time home buyers purchasing a newly built property will be exempt from paying stamp duty.
This expensive tax, also referred to as transfer duty, has been recognized as a significant obstacle to homeownership, as noted in submissions made to the government regarding the new legislation.
Stamp duty imposes a substantial upfront cost, making it harder for aspiring homeowners to enter the market.
Additionally, the updated laws will permit first-time home buyers to rent out a room within their first year of ownership.
A first-time home buyer purchasing a new house and land package in Toowoomba at the median price could see savings of $24,730.
In Brisbane’s east, buyers could save $29,500 on a newly built home at the median price, while in Logan-Beaudesert, the savings would amount to $6,960.
Last year, the threshold for the first home buyer concession on stamp duty was raised to $700,000, allowing buyers to avoid the tax on properties priced below this amount.
The median property prices in regional locations such as Cairns, Townsville, and Toowoomba remain within this limit.
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