First-Home Buyer Stamp Duty Exemptions and Concessions
To help first-time buyers get a foot on the property ladder, most state governments have introduced first-home buyer grants (FHOG) and significant fee concessions, including complete stamp duty exemptions, for those purchasing their first home. However, each program has specific eligibility criteria, such as property market value, buyer residency status (e.g., Australian citizen, permanent resident), and the requirement that the home must be a residential property — not an investment.
Check out the list below to see which state stamp duty programs you might qualify for:
New South Wales
The NSW government’s First Home Buyer Assistance Scheme offers first-time home buyers significant benefits. First-time buyers are eligible for an exemption from transfer duty on purchases of new and existing homes valued up to $800,000, and a concessional rate of duty for homes priced between $800,000 and $1,000,000.
If you are looking to purchase land on which you plan to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued between $350,000 and $450,000.
Victoria
If you're a Victorian first-time buyer, the VIC government offers a stamp duty exemption on new or existing properties valued up to $600,000, as well as a concession on homes worth up to $750,000. These benefits can significantly reduce your upfront costs, helping you get into your first home sooner.
Queensland
As of June 2024, first home buyers in Queensland are exempt from stamp duty for homes valued up to $700,000. For homes valued between $700,000 and $800,000, there are concessions available.
When purchasing vacant land, you won't pay stamp duty if the purchase price is $350,000 or lower. For vacant land valued between $350,000 and $500,000, stamp duty concessions are available in Queensland.
Additionally, Foreign Occupier Duty in Queensland has increased to 8% of the value of the home (up from 7%). However, Queensland also offers general stamp duty concessions, so even if you're eyeing a property above these thresholds, you may still be able to save on stamp duty.
Western Australia
Those looking to get their foot in the door of the WA property market can enjoy stamp duty exemptions on both new and existing homes with a dutiable value under $450,000, as well as on vacant land valued at less than $300,000.
For homes valued above $450,000, stamp duty is payable at a concession rate of $15.01 for every $100 the property value exceeds $450,000, up to $600,000.
For vacant land, a concessional stamp duty rate of $13.01 for every $100 over $300,000 applies, up to a value of $400,000. This makes it more affordable for first-home buyers looking to enter the WA property market.
South Australia
As of June 2024, the South Australian government offers stamp duty concessions for first-time home buyers on new builds with no price caps. Additionally, South Australia has a first-time buyer grant available for those purchasing a new-build house or apartment, providing extra financial assistance for buyers looking to enter the property market.
ACT
For first-time buyers looking to settle in Australia's Capital Territory (ACT), there are stamp duty exemptions on new homes and vacant land. No stamp duty is charged on new homes valued less than $470,000, and concessions are available for new-build homes valued between $470,000 and $607,000.
If you're looking to build your principal place of residence on a piece of vacant land in the ACT, you'll be charged $0 in stamp duty for land valued up to $281,200. Concessions are available for vacant land valued between $281,200 and $329,500. These exemptions and concessions provide significant savings for first-time home buyers in the ACT.
Northern Territory
Currently, the Northern Territory government does not offer stamp duty concessions or exemptions for first-time home buyers. However, buyers in the NT are not overlooked. You can apply for a $10,000 bonus under the Northern Territory’s First Home Owner Grant Scheme, which can help offset some of those upfront costs and make your path to homeownership a bit easier.
Tasmania
Tasmania does not offer any stamp duty exemptions for first-time home buyers. However, the Tasmanian government provides a 50% stamp duty concession on first properties valued under $600,000, helping to reduce the cost of purchasing your first home in the state.
Unlock Your Dream Home with Expert Guidance!
Now that you’ve discovered the potential for stamp duty exemptions and concessions, it’s time to take the next step towards owning your dream home. At Avenstone, we’re here to guide you through the process with expert advice and personalised solutions. We’re passionate about helping you turn your homeownership dream into reality. Take advantage of opportunities to save on stamp duty and secure the best financing options.
Contact us today at (03) 9566 7247 or book a free 30-minute discovery call today to see how we can help.
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