Duty Concessions For Home/First Home Owners Explained

When buying property in Queensland you must pay stamp duty, which is calculated according to the value of the property.

If you intend to use the property as your home or are acquiring the residence as your first home you may be eligible to claim a concession that reduces the amount of stamp duty you have to pay.

Am I eligible for a home concession?

You can claim a home concession if you intend to live in the property as your principal place of residence or you intend to move into it within one year of the settlement date.

The concessional transfer duty rate applies to the first $350,000 (current as at 1 March 2017) of the purchase price or value of the home.

Am I eligible for a first home concession?

You can claim a first home concession if you:

• have not previously held an interest in residential land anywhere in the world;
• are buying a home valued less than $550,000 (if your home is valued more than this, you can still claim the home concession for the first $350,000 of the purchase price);
• intend to live in the home as your principal place of residence; and
• are at least 18 years of age.

There is also a first home vacant land concession available to persons acquiring vacant land where you intend to build your first home.

How do I make a claim for a concession?

In order to make a claim for a concession you must complete a “Claim for home or first home transfer duty concession (Form D2.1)” which will need to be witnessed by a qualified witness and lodged for stamping at the Titles Office.

Olsen Lawyers can assist in the preparation and lodgement of this form and also act as your qualified witness. We are experts in the field of property law in Queensland and will ensure you receive any concession you are entitled to.

Information current at 23 March 2017 – duty rules and requirements are regularly subject to change.