Exciting New Government Scheme for First Home Buyers in Queensland

Exciting New Government Scheme for First Home Buyers in Queensland

At Loans AU, we are thrilled to share some significant changes to the government scheme aimed at assisting first home buyers in Queensland! If you're looking to purchase your first home or vacant land to build your dream home, here's what you need to know:


Full Transfer Duty Concession

Starting from May 1, 2025, first home buyers who enter into a contract to purchase a new home or vacant land will be eligible for a full transfer duty concession, which reduces their duty to nil. This means more money in your pocket to invest in your new home!


Renting Part of Your Property

Additionally, from December 6, 2024, recipients of the home concessions can now rent out part of their property during the one-year occupation period while still retaining the full benefit of this relief. This provides greater flexibility for home buyers as they adjust to their new financial commitments.


Understanding First Home Concessions

To claim the first home concession on transfer (stamp) duty, you must meet certain requirements. The concession applies to homes valued under $800,000, potentially saving you up to $24,525. There are still opportunities for homes valued over this amount, so it's worth exploring!


Eligibility requirements include:

  • You must be legally acquiring the property as an individual.
  • You have never claimed the first home vacant land concession.
  • You must not have held an interest in any other residence, either in Australia or overseas.
  • You need to be at least 18 years of age.
  • You must move in with your personal belongings and live in the home daily within one year of settlement.

Companies and certain trustees may not be eligible for this concession unless specific conditions are met

.

Exploring Your Options with Loans AU

As your trusted finance and mortgage brokerage in Sydney, we can help you navigate these new initiatives and ensure you claim the benefits you're entitled to. Use our home concession eligibility tester to see if you qualify for the home concession or first home concession.

In cases where multiple buyers are involved, it’s important to know that you can still claim a first home concession on your share, regardless of whether other buyers qualify.


Requirements After Claiming the Concession

After claiming the first home concession, it’s crucial to meet specific requirements to retain this benefit. You cannot sell or transfer part of the property before moving in, and if you plan to lease any part of the home, make sure your lease starts after September 10, 2024.


If you’re unsure about your eligibility or have questions about the process, don’t hesitate to reach out to our team at Loans AU. We’re here to assist you in every step of the way, including calculating transfer duties and completing necessary forms for your mortgage.


We also want to remind you that you may be able to claim both a first home owner grant and a transfer duty concession, provided you meet the distinct eligibility requirements for each.


Let’s Get Started!

Are you ready to take the next step towards home ownership in Queensland? Contact us today at Loans AU for expert guidance and support tailored to your financial aspirations. Together, let's make your dream of owning a home a reality!

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