What’s Changing?
Are you planning to buy your first home in Queensland? Good news! The government has introduced a new law that removes stamp duty for first home buyers purchasing new builds.
This change, which takes effect on May 1, 2025, aims to make homeownership more affordable. Stamp duty, also called transfer duty, is a tax that adds thousands of dollars to the cost of buying a home. By eliminating it for new builds, the government hopes to ease financial pressure on first-time buyers.
How Much Could You Save?
The savings are significant. A new home buyer in Toowoomba could save around $24,730, while those in Brisbane’s east might save up to $29,500. Even in Logan-Beaudesert, where prices are lower, first-time buyers can save nearly $7,000. These savings help young Australians step into homeownership with fewer financial hurdles.
Why Is This Important?
Housing affordability has been a major concern, especially with rising property prices. High up-front costs like stamp duty often make it difficult for first-time buyers to enter the market.
Jackson Hills from QShelter emphasised that this tax has been a significant obstacle. With the new law, buyers can now put more of their money towards their home rather than government fees.
Calls for More Changes
While many welcome this initiative, some believe the government should go further. Antonia Mercorella from the Real Estate Institute of Queensland suggests extending stamp duty exemptions to older homeowners.
This would encourage downsizing and free up larger homes for growing families. The Local Government Association of Queensland also recommends expanding the exemption to include older homes that need renovations.
A Step Toward Homeownership
This new policy is a major step in helping first home buyers. While some experts call for broader reforms, eliminating stamp duty on new builds is a move in the right direction. It could help thousands of Queenslanders each year achieve the dream of homeownership.
Thinking About Buying Your First Home?
Purchasing property involves many legal steps. At CJC Law, we ensure your home-buying process is smooth and stress-free. Our expert team of conveyancers will guide you through contracts, legal requirements, and settlement. Contact CJC Law today for professional advice on securing your dream home!
