Stamp duty is one of the biggest upfront costs when buying a home, but for first home buyers on the Gold Coast, there's a huge saving to be had. This guide explains the Queensland First Home Concession, which can save you up to $17,350 on properties valued up to $700,000, with further discounts up to $800,000. Learn if you're eligible and how this can dramatically reduce your purchase costs.
When you're saving for your first home on the Gold Coast, every dollar counts. You focus on the deposit, but there's another major upfront cost that can come as a shock: Stamp Duty.
But what many first home buyers don't realise is that the Queensland Government offers a massive concession that can save you thousands of dollars—or even wipe out the cost of stamp duty completely!
What is Stamp Duty?
Stamp duty (officially known as 'transfer duty') is a state government tax you pay when you purchase a property. It can be a significant hurdle, often costing tens of thousands of dollars on top of your deposit.
The First Home Concession: How You Save Big
To make it easier for first home buyers to get into the market, the Queensland Government provides a generous stamp duty concession. Here's how it works for the purchase of an established home:
- Pay NO Stamp Duty: If your first home is valued at $700,000 or less, you pay absolutely zero stamp duty. This is a saving of up to $17,350!
- Get a Big Discount: If your home is valued between $700,001 and $800,000, you will still receive a significant, sliding-scale discount on the amount of stamp duty you have to pay.
This saving is a huge boost to your budget. It's money that stays in your pocket for your deposit, furniture, or any other costs that come with moving into your new Gold Coast home.
Are You Eligible? The Main Rules
To be eligible for the first home concession on an established home, you generally must:
- Be buying your very first home (you must not have owned property previously, anywhere in the world).
- Be at least 18 years old.
- Move into the property as your principal place of residence within one year of settlement and live there for a continuous period of at least 12 months.
Combine Your Savings for Maximum Buying Power
The stamp duty concession is just one part of the support available to you. Imagine combining this saving with another powerful initiative like the Home Guarantee Scheme, which allows you to buy with a 5% deposit and no LMI.
Suddenly, the total upfront cash you need to buy your first Gold Coast home becomes dramatically more affordable.
Navigating these schemes and ensuring you claim every dollar you're entitled to is what we do every day. Talk to us, and we'll create a full financial picture for you, showing you the clearest and most affordable path into your first home.
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