The Queensland Government has recently introduced a major legislative change that is set to provide significant relief to first-home buyers in the state. The Revenue Legislation Amendment Bill 2024, which was presented to the Queensland Parliament on 12 December 2024, includes provisions aimed at reducing the financial burden on first-time buyers by providing full stamp duty relief.
What Does This Relief Mean for First Home Buyers?
From 1 May 2025, eligible first-home buyers will be able to benefit from full transfer (stamp) duty relief when purchasing a new home to live in, or vacant land where they plan to build a new home. This relief will be available for eligible transactions, offering a significant financial advantage to those entering the property market for the first time.
One of the key highlights of this amendment is that it will help make homeownership more accessible for first-time buyers, especially in the current property market where housing affordability has become a concern for many.
Renting Part of Your Property – What’s New?
In addition to the transfer duty relief, the Bill also introduces a new flexibility for recipients of transfer duty home concessions. From 6 December 2024, these recipients will be able to rent part of their property during the 1-year occupation period and still retain the full benefit of the stamp duty relief.
This change provides a significant opportunity for first-home buyers who may want to generate additional income while living in their new property. It also offers greater flexibility to adapt to changing living arrangements or financial needs without losing the stamp duty concessions.
How Does This Benefit First Home Buyers?
For many first-time homebuyers, the upfront costs of purchasing a property – including stamp duty – can be a major hurdle. This full transfer duty relief will save homebuyers a considerable amount, potentially thousands of dollars, allowing them to allocate more funds toward their new home or towards other financial goals.
Additionally, the ability to rent part of the property during the 1-year occupation period gives first-home buyers a greater degree of financial flexibility, making it easier to balance property ownership with other life priorities.
What Does This Mean For You?
If you are planning to purchase your first home in Queensland, this new stamp duty relief could offer you a valuable financial advantage. However, it’s important to understand the eligibility criteria and the exact timing of the relief provisions to ensure you fully benefit from the changes.
If you’re looking for expert guidance on stamp duty, first-home buyer concessions, or any tax-related matters surrounding your property purchase, KPG Taxation is here to help.
Contact us today to find out more about how this legislation can impact your property journey and to ensure you’re making the most of these new opportunities.
