Buying your first home is an exciting venture, but it often comes with substantial costs. One of the major expenses new homebuyers face is stamp duty. However, there’s good news: you can potentially be exempted from paying stamp duty.
How much does the stamp duty cost, exactly? To provide you with a clear perspective, consider this: If you’re purchasing a house valued at $700,000 in NSW, the stamp duty for this property would amount to $26,805. Now, think about what this could mean for first-home buyers like you. Stamp-duty exemptions can free up some savings, possibly helping you qualify for a mortgage sooner or access better rates on mortgage deals with higher deposits.
In this guide, we’ll explore how much you can benefit from this exemption in various states and territories across Australia. We regularly update our website with the latest information on stamp-duty exemptions and concessions. Be sure to check back often to stay informed!
First-Home Buyer Stamp-Duty Exemptions In NSW
In NSW, the First Home Buyers Assistance scheme offers a stamp-duty exemption for first-home buyers. As of 1 July 1 2023, the following exemptions and concessional rates are in effect:
| Property Type | Property Value | Stamp-Duty Exemption/Concession |
|---|---|---|
| New or Existing Homes | Up to $800,000 | Full exemption |
| Over $800,000 but less than $1,000,000 | Concessional rates available | |
| Vacant Land with Intent to Build | Up to $350,000 | Full exemption |
| Over $350,000 but less than $450,000 | Concessional rates available |
Unlike some other states, this exemption applies to all property types, not limited to new or off-the-plan properties.
Our team at Home Loan Experts is passionate about helping you achieve your homeownership dreams. We bring our expertise in mortgage and lending to the table, ensuring you make informed decisions and secure the best possible financing options. Call us at 1300 889 743 or complete our free online assessment form today!
First-Home Buyer Stamp-Duty Exemptions In Vic
If you meet the eligibility criteria for the First Home Owner Grant (FHOG), you can enjoy these duty benefits for first-home buyers. The stamp duty concession is applied on a sliding scale. This means the closer the value is to the upper limit, the smaller the concession. These stamp duty benefits are available to eligible first-home buyers, in addition to the First Home Owner Grant.
| Property Value | Stamp-Duty Exemption/Concession |
|---|---|
| $600,000 or less | $600,001 to $750,000 |
| No duty payable | Concession rates are applicable. Rates vary based on the property’s dutiable value |
First-Home Buyer Stamp-Duty Exemption In Qld
In Queensland, first-home buyers can claim a first-home concession for transfer duty if they meet specific requirements. This concession applies to homes valued at less than $550,000 and can lead to savings of up to $15,925. It’s worth noting that the home concession (different from the First Home Concession) may still apply for first-home buyers purchasing homes valued over $550,000.
| Exemption/Concession | Property Value | Amount of stamp duty payable |
|---|---|---|
| Stamp-Duty Exemption | Less than $500,000 for house | No duty payable |
| Less than $250,000 for vacant land | No duty payable | |
| First Home Concession | $500,000 to $550,000 | Concession of up to $8750 |
| Up to $399,999.99 | Concession of up to $7175 | |
| Home Concession | $550,000 or more | Concession rate on the first $350,000 |
First-Home Buyer Stamp-Duty Exemption In WA
In Western Australia, the First Home Owner Rate (FHOR) offers a concessional duty for certain property transactions, including contracts to purchase or transfer homes or vacant land. To be eligible for the FHOR, you must meet the requirements under the First Home Owner Grant Act 2000. Here are the key details:
| Property Type | Property Value | Stamp-Duty Exemption/Concession |
|---|---|---|
| Home and Land | Up to $430,000 | No duty payable |
| More than $430,000 but less than $530,000 | Duty payable at a concessional rate of $19.19 for every $100 pr part of $100 above $430,000 | |
| Vacant Land | Up to $300,000 | No duty payable |
| More than $300,000 but less than $400,000 | Duty payable at a concessional rate of $13.01 for every $100 or part of $100 above $300,000 |
First-Home Buyer Stamp-Duty Exemption In SA
In South Australia, stamp duty relief is available for first-home buyers based on the property’s value. Here’s what you need to know:
| Property Type | Property Value | Stamp-Duty Exemption/ Concession |
|---|---|---|
| New home | Up to $650,000 (from 15 June 2023) | No duty payable |
| $650,001 and $700,000 | Partial stamp duty reduction | |
| Vacant land | Up to $400,000 | No duty payable |
| $400,000 to $450,000 (from 15 June 2023) | Partial stamp duty reduction |
First-Home Buyer Stamp-Duty Exemption In TAS
Tasmania doesn’t offer full exemptions but does offer a discount on property transfer duty for first-home buyers of established homes. The dutiable value thresholds vary depending on the purchase date. For houses purchased between 1 January 2022 and 30 June 2024:
| Property Value | Amount of stamp duty payable |
|---|---|
| $600,000 or less | 50% discount |
First-Home Buyer Stamp-Duty Exemption In ACT
Under the Home Buyer Concession Scheme (HBCS) in the ACT, first-home buyers can be eligible for stamp-duty exemptions. The scheme comes with strict income limits and will be based on the property value.
To be eligible for the HBCS for a house, at least one person on your application must live in the home as their principal place of residence within 12 months of completion.
Effective from 1 July 2023, here are the exemptions:
| Property Value | Stamp-Duty Exemption/Concession |
|---|---|
| Up to $1,000,000 | No duty payable |
| More than $1,000,000 but less than $1,455,000 | The duty to be paid is $6.40 for each $100, or portion thereof, by which the dutiable value exceeds $1,000,000. |
| $1,455,000 or more | The duty to be paid is a fixed rate of $4.54 for every $100 of the total dutiable value, up to a maximum deduction limit of $34,504. |
First-Home Buyer Stamp-Duty Exemption In NT
While there’s no specific stamp-duty exemption for first-home buyers in the Northern Territory, there is the House and Land Package Exemption. The HLPE is an exemption on stamp duty for eligible individuals who acquire newly developed land from a registered building practitioner on which the builder will construct a home.
This exemption applies to those who buy a house and land package from a building contractor between 1 July 2022 and 30 June 2027, in the Northern Territory. A key detail to note: to qualify for the HLPE, at least one applicant needs to occupy the home as their primary residence within 12 months of completion and must stay for a continuous period of at least six months.
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Unlock Your Dream Home With Expert Guidance!
Now that you’ve uncovered the potential for stamp-duty exemptions and concessions, it’s time to take the next step towards your dream home. Our team at Home Loan Experts will guide you through the process, offering expert advice and personalised solutions, because we care about making your homeownership dream a reality. Take advantage of the opportunity to save on stamp duty and secure the best financing options. Contact us today at 1300 889 743 or complete our free online assessment form.