Stamp Duty Concessions & Exemptions Guide for First Home Buyers in Australia
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
State |
Stamp Duty Concessions Available |
Government Webpage |
|
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 |
[1] |
|
Victoria |
No stamp duty payable for properties valued up to $600,000. Reduced stamp duty payable for properties valued between $600,000 and $750,000. |
[2] |
|
Queensland |
No stamp duty payable for properties valued up to $500,000. A first home concession applies to a home valued under $550,000. |
[3] |
|
Western Australia |
No stamp duty payable for properties valued up to $430,000. Reduced stamp duty payable for properties valued between $430,001 and $530,000. |
[4] |
|
South Australia |
No stamp duty concessions or exemptions available for first home buyers in SA. |
[5] |
|
Tasmania |
50% discount on property transfer duty for first home buyers of an established home for $600,000 or less. |
[6] |
|
Northern Territory |
A stamp duty exemption is only available if you purchase a house and land package in NT from a building contractor. |
[7] |
|
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 |
[8] |
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.Â
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
[1]Â https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
[2]Â https://www.sro.vic.gov.au/first-home-owner
[3]Â https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant
[4]Â https://www.wa.gov.au/service/financial-management/buying-or-selling-property
[5]Â https://www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners
[7]Â https://nt.gov.au/property/home-owner-assistance
Patrick is a Director and a Home Loan Specialist. He has been helping Australians with home loans since 2001. Prior to working as a mortgage broker Patrick was employed by Macquarie Bank for 3 years and also worked as an accountant for a publicly listed company. Patrick’s qualifications include:
Bachelor of Business, UTS Sydney. Majored in accounting and sub-majored in Finance and Marketing.
Diploma of Finance and Mortgage Broking Management FNS50310
Certificate IV in Financial Services (Finance/Mortgage Broking) FNS40804
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