New Queensland (QLD) Grants & Stamp Duty

Fighting falling property prices

Well looks as though the Queensland state government is looking to support the falling Queensland house prices (see March Quarter 2011 Property Prices). The release of the 2011-2012 Queensland state budget this week showed that the Queensland treasury is prepared to offer more grants and stamp duty concessions to home buyers.

The Changes

  • Introduction of a $10,000 “Queensland Building Boost Grant”
  • Changes to Stamp Duty rates
  • Removal of the ‘Home Concession’ Stamp Duty Concession
  • Changes to the First Home Concession & Vacant Land Concession

These changes are outlined below. You can also view the New Queensland Stamp Duty Rates & Grants Fact Sheet.

You can use our Stamp Duty Calculator to calculate the latest rates and grants.

$10,000 Queensland Building Boost Grant

Available from: 1 August 2020 to 31 January 2021

“The $10,000 Queensland Building Boost Grant is available to any person or corporation buying or building a new home to live in, or to rent out for investment purposes, for homes less than $600,000.

The Building Boost Grant is designed to re-ignite Queensland’s housing construction sector following a combination of falling property transfers and the economic impact of a summer of natural disasters.”

“Note: A new home is a home that has not been previously occupied or sold as a place of residence, or is a substantially renovated home.”

Read When can I receive the Building Boost Grant?

Source: Queensland Government

New Queensland Stamp Duty Rates

Starts 1st of August 2011

“The transfer duty rate structure will be revised to ensure transfer duty payable on a home remains lower in Queensland than under the standard rate in any other mainland state of Australia.

If you are considering buying a home you should carefully consider the transfer duty reforms to help you make an informed decision about the timing of your purchase.”

New Stamp Duty Rates QLD

Purchase Price / Value

Duty Rate

Less Than $5,000

Nil

$5,000 to $105,000

1.5% of the value over $5,000

$105,000 to $480,000

$1,500 + 3.5% of the value over $105,000

$480,000 to $980,000

$14,625 + 4.5% of the value over $480,000

More Than $980,000

$37,125 + 5.25% of the value over $980,000

Source: Queensland Government

Removal of Home Concession

Ends 31st July 2011

“The Home Concession for transfer duty will end on 31 July 2011. This is the transfer duty concession that people who are not first home buyers receive when buying a home to live in as their principal place of residence. If you are considering buying a home you should carefully consider the transfer duty reforms to help you make an informed decision about the timing of your purchase.”

Source: Queensland Government

First Home Concession and Vacant Land Concession

Changing from 1 August 2020

“First home buyers will continue to receive a First Home Concession on their transfer duty costs. This includes first home buyers purchasing blocks of residential land to build on.
The concession rates have been adjusted to take into account the removal of the Home Concession.”

New First Home Concession QLD

Purchase Price / Value

Stamp Duty Concession

Less Than $509,999

$15,525

$510,000 to $519,999

$13,925

$520,000 to $529,999

$12,325

$530,000 to $539,999

$10,725

$540,000 to $549,999

$9,125

$550,000 to $559,999

$7,550

$560,000 to $569,999

$6,000

$570,000 to $579,999

$4,500

$580,000 to $589,999

$3,000

$590,000 to $599,999

$1,500

More Than $600,000

Nil

Source: Queensland Government

You can see the new Vacant Land Concessions here

Not sure about buying another property investment? Ask an expert here