Property Stamp Duty in QLD- Negotiate to save tip for first home buyers

By Stuart Pullar:

An important tip that all Queensland first home buyers should know about #PropertyStampDuty is that if you are purchasing an existing property in Queensland, Stamp Duty is waived up to a purchase price of $500k. 

For vacant land, the Stamp Duty exemption threshold is $250,000 (there is no duty payable on the construction portion) – this can take a big chunk out of the Great Start Grant so, if the land content is relatively high, do your sums carefully.

For existing properties, between $500k and $550k, there is a partial waiver of Stamp Duty for first time buyers. 

I am sure there is a good reason for this fairly elaborate schedule (see below) – ask your favourite officer of State Revenue.

The main take home point for you is this - if you are negotiating between these figures, never round up to the nearest $5k. 

It makes a trivial $1 difference to the vendor but will save you $875.

Many of my clients use this little tip to win in negotiations. 

Many first time buyers think their limit is $500k but you can offer $504,999 and only pay and extra $204 in fees and duty. 

This may be just enough to get the house of your dreams.

For further information on this or anything else related to home loans or stamp duty, call me : 3366 9982, mobile 0414 408 535, or email me today: stuart.pullar@mortgagechoice.com.au

Purchases between $500,000 and $550,000  

                     Fee              Duty           Total        Increment  

$500,000       $1,112           nil              $1,112      n/a  

$504,999       $1,141           $175          $1,316        $204  

$505,000       $1,141           $1,050       $2,191        $875  

$509,999        $1,141          $1,225        $2,366       $175  

$510,000        $1,141          $2,100        $3,241       $875  

$514,999        $1,171          $2,275        $3,446       $205  

$515,000        $1,171          $3,150        $4,321       $875  

$519,999        $1,171          $3,325        $4,496       $175  

$520,000        $1,171          $4,200        $5,371       $875  

$524,999        $1,201          $4,375        $5,576       $205  

$525,000        $1,201          $5,250        $6,451       $875  

$529,999        $1,201          $5,425        $6,626       $175  

$530,000       $1,201           $6,300        $7,501       $875  

$534,999        $1,231          $6,475        $7,706       $205  

$535,000        $1,231          $7,350        $8,581       $875  

$539,999        $1,231          $7,525        $8,756       $175  

$540,000        $1,231           $8,400       $9,631       $875  

$544,999         $1,261          $8,625       $9,886       $255  

$545,000         $1,261          $9,500       $10,761      $875  

$549,999         $1,261          $9,725       $10,986      $225  

$550,000         $1,261          $10,600      $11,861     $875  

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