Since 1 May 2025, purchasing a home for a First Home Buyer has become just that little bit more affordable.
To assist first home buyers enter the market, the Queensland Government has reduced the amount of transfer (or stamp) duty they must pay.
If you are a buying an existing home for less than $800,000.00 and:
You will pay no transfer duty if the contract price is $700,000.00 and under or at a reduced rate if the price is between $700,001 and 799,999. Additionally, to help with your income stream and ease the burden of loan repayments, once you move into the property, you may rent out part of the property, e.g. a room.
If you are buying a new home that has not previously been occupied or sold as a place of residence, no matter the value, you will not pay any transfer duty.
The rules around transfer duty can be confusing. To avoid making a costly error, make sure you obtain legal advice about whether you are entitled to claim the First Home or First Home (New Home) transfer duty concessions.
Buying your first home as a first home buyer should be a rewarding and empowering experience. Let us help you make it as smooth and financially beneficial as possible. Contact McNamara Law today to book an appointment with our friendly Property Offiers at either our Ipswich or Springfield offices. We’re here to make sure your first step into the property market is taken with confidence.
Unit 10
88 Limestone St
Ipswich 4305
Queensland
Ph: 07 3816 9555
GE Building,
Level 1, 6 Yoga Way
Springfield Central 4300
Queensland
Ph: 07 3470 3600
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