As a first home buyer in Qld, you may be eligible to save on the cost of stamp duty.
If you’re buying vacant land to build your first home, you pay zero stamp duty as long as you pay $400,000 or less for your block. That’s a saving of $5,250 on the regular cost of stamp duty.
If your first home is valued up to $500,000, you pay zero stamp duty. That’s a saving of $8,750, which is the maximum stamp duty rebate available to first home buyers in Qld.
Savings on stamp duty may still be available if you pay between $500,000 and $550,000 for your first home. As a guide, if your first home is worth $505,000, you pay stamp duty of $1,050, a saving of $7,875. These savings cut out altogether if your first home costs $550,000 or more. On a property valued at $550,000, for example, the stamp duty would work out to be $10,600.