Queensland’s 2024-25 Budget Offers First-Home Buyers More Help

The Queensland Government has rolled out its 2024-25 Budget with a strong focus on addressing housing affordability issues and making homeownership more attainable. This year’s budget introduces huge changes aimed at easing financial pressures and supporting the housing sector, providing substantial benefits for both current homeowners and those looking to purchase their first home in Queensland. We’ve sifted through the details to bring you the key elements that will affect homebuyers and homeowners the most.

Key Budget Highlights

$700,000 Stamp Duty Concession For First-Home Buyers

One of the most impactful changes in this budget is the increase in the maximum property price to be eligible for a full stamp-duty exemption from $500,000 to $700,000, with partial concession for properties priced up to $800,000.

This move is designed to greatly reduce the upfront costs for more first-home buyers, making it easier for them to enter the property market. It is expected to assist 40,000 Queensland families in purchasing their first home over the next four years.

In a previous announcement, the Queensland Government stated that the First Home Owner Grant would be doubled to $30,000.

Foreign Owner Land Tax Surcharge

The foreign owner land tax surcharge will increase from 2% to 3%, aligning with other states and potentially affecting foreign investment in the Queensland property market.

$3.1 Billion Over Five Years for Affordable Housing Initiatives

The Queensland Government’s Homes for Queenslanders initiative is set to invest $3.1 billion over five years to meet rising housing demand by constructing 1 million new homes by 2046. This plan includes the rapid deployment of 600 modular homes in high-demand areas.

In addition to boosting the housing supply, the investment covers the development of social and community housing, aiming to deliver 53,500 social homes by 2046. This will provide long-term rental assistance and affordable housing options for low-income families.

Cost-of-Living Relief Measures

Key initiatives include:

• $1300 Electricity Rebates: Each household will receive a rebate of $1300, with vulnerable households eligible for up to $1672.

• 20% Cut in Vehicle Registration Fees: Over the next year, vehicle registration fees will be reduced by 20%, providing savings of $85 to $126, depending on the vehicle type.

• Reduced Public Transport Costs: Starting in August, Translink public transport fares will be slashed to 50 cents for six months, lowering daily commuting costs.

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Ready to Secure Your Future Home?

Don’t miss out on the incredible opportunities from the Queensland 2024-25 budget. First-time buyers can now benefit from expanded concessions, including an increased price cap for full exemption from stamp duty of $700,000.

Contact our expert mortgage brokers for personalised advice at 1300 889 743 or fill out our free online enquiry form, and we’ll get back to you. Your dream home in Queensland could be just a step away!