Concessions and exemptions are available to reduce the amount of transfer duty (sometimes called stamp duty) you need to pay when buying a home.
Transfer duty applies when you transfer land in Queensland—this typically happens when a person signs a contract to buy a home or when their name is added to the title of land.
When buying a home, you will need to have transfer duty assessed on your contract or transfer before you become the legal owner.
You may be eligible for a concession when buying your home. For transfer duty, a concession is a lower rate of duty than what would apply if you were buying non-residential land or an investment property.
In some cases, you may not have to pay any duty because the benefit of the concession is equal to or greater than the duty you would otherwise pay. This will depend on the value of the property you are buying.
For example, you will not pay any transfer duty if you are eligible to claim a first home concession and the value of the home is less than $500,000.
To be eligible, there are certain requirements you will need to meet when claiming the concession and for a certain period after you occupy the home.
You can claim a first home concession if you:
- have never held an interest in residential land anywhere in the world
- have never claimed the first home vacant land concession
- are buying a home valued less than $550,000—though you can still buy a home as a first home buyer valued more than $550,000, you cannot claim the first home concession. However, the home concession rate will still apply.
- will live in the home as your principal place of residence
- are at least 18 years of age (though we may waive this requirement in special circumstances).
The first home concession is calculated at the home concession rate minus the first home concession amount. See the home concession rates.
You can claim a home concession if you:
- buy a home and move into it within 1 year of the transfer date
- live in the home as your principal place of residence.
The home concession was not available from 1 August 2011 to 30 June 2012. If this is your first home, you may be eligible for the first home concession.
The concessional transfer duty rate applies to the first $350,000 of the consideration or value of the home. The general transfer duty rates then apply to the balance.
Note: The concession doesn’t apply to any part of the land that’s used for non-residential purposes.
You can claim a first home vacant land concession if:
- you buy vacant land valued less than $400,000
- you are at least 18 years of age
- you have never held an interest in residential land anywhere in the world
- you will build your first home on the vacant land
- you will build only 1 home on the vacant land
- no building, or part of a building, is on the land when you buy it
- you haven’t received a first home vacant land concession before.The first home vacant land concession is calculated at the transfer duty rate minus the first home vacant land concession amount.