Buying a home is a significant milestone in anyone’s life, but it can also be a daunting experience, especially for first home buyers. One of the major costs associated with purchasing a property is stamp duty, which can add up to thousands of dollars. However, in an effort to help first home buyers onto the property ladder, each state and territory in Australia offers various stamp duty concessions and exemptions. In this article, we will provide a comprehensive guide to these stamp duty concessions and exemptions.
Stamp Duty Concessions and Exemptions in each state of Australia
Stamp Duty Concessions Available
New South Wales
From 1 July 2023 there is no stamp duty payable for properties valued up to $800,000. Reduced stamp duty payable for properties valued between $800,000 and $1,000,000.
Also see our NSW Stamp Duty Concession page
No stamp duty payable for properties valued up to $600,000. Reduced stamp duty payable for properties valued between $600,000 and $750,000.
No stamp duty payable for properties valued up to $500,000. A first home concession applies to a home valued under $550,000.
No stamp duty payable for properties valued up to $430,000. Reduced stamp duty payable for properties valued between $430,001 and $530,000.
No stamp duty concessions or exemptions available for first home buyers in SA.
50% discount on property transfer duty for first home buyers of an established home for $600,000 or less.
A stamp duty exemption is only available if you purchase a house and land package in NT from a building contractor.
Australian Capital Territory
No stamp duty payable for properties valued up to $1,000,000 for eligible first home buyers. This exemption is subject to income caps. See https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme/home-buyer-concessions-from-1-July-2019
It’s important to note that these concessions are subject to change, and there may be additional criteria that first home buyers need to meet to be eligible. For example, some states may require the property to be a new build or limit the concessions to owner-occupiers. It’s essential to research the specific requirements in your state or territory to ensure you are eligible for any concessions.
In conclusion, stamp duty concessions can significantly reduce the upfront costs associated with purchasing a property for first home buyers. By understanding the concessions available in their state or territory, first home buyers can better plan and budget for their purchase. With the right research and preparation, first home buyers can make their dream of homeownership a reality.Government Stamp Duty Concessions and Exemptions pages