The First Home Concession QLD saves you up to $17,350 on Transfer Duty.

The Queensland First Home Concession (or Stamp Duty Concession QLD) is a financial assistance program designed to help first time buyers save up to $17,350 when spending under $800,000 on their first home.

Since this cost usually comes from their deposit, this Concession makes a significant difference in supporting first time buyers to get into the market sooner.

Who is eligible for the First Home Concession QLD?

The main eligibility criteria for the First Home Concession QLD are:

*Purchase price of less than $700,000 to get the full concession or between $700,000 to up to $800,000 for a partial concession.

*Buying a house, unit, apartment, townhouse in Queensland.

*A first-time buyer in Australia, never having had any ownership or property or land.  If you’re buying with a partner who has owned property before, you may be eligible to a 50% concession if you’re buying the property with 50/50 ownership each.

*Australian citizen or permanent resident (the foreign acquire duty of 8% may apply if you’re neither of these).

*Be at least 18 years old at the date of purchase which is a requirement for getting a home loan (unless you don’t need a home loan).

*You’ll need to live in the property for at least 12 months; and

*Live in the property on a daily basis and move into the property with your personal belongings; and

*That year needs to commence within 12 months of the date of property settlement. If you don’t you’ll need to be payback either part or all of your Concession.

First Home Concession QLD Rates

In June 2024 the QLD Government finally got around to changing the threshold for the maximum amount you can spend on a property from $550,000 to $800,000 to be eligible, so this guide has been updated for 2025 with all the latest concession rates.

The maximum Concession you are entitled to receive if you’re buying under the First Home Concession QLD program is $17,350.

It’s a tiered concession where if you spend:

• Under $700,000 – you get the full concession of up to $17,350
• Between $700,000 to $799,999 – get a partial concession of less than $17,350
• Over $800,0000 – get no concession

For example, in the table below you can see that if you purchased a property for $700,000, or less, you pay no transfer duty (you get the full concession) saving you up to $17,350.

If you purchased a property for $750,000, you would pay partial transfer duty of $10,925 however keep in mind that normally you would pay $19,600 but under the First Home Concession program you are saving $8,675.

Transfer Duty is a considerable additional cost of buying a home which needs to be paid upfront in cash when you buy. The savings you gain under the First Home Concession QLD can be substantial and I recommend you channel the cash into your house deposit!

When do I pay Transfer Duty on a property purchase in QLD?

When buying a property in QLD, you’ll need to pay any Transfer Duty at settlement of the property, which is when you get the keys and take ownership.

How Much Deposit Do I Need Saved When Buying Land In QLD?

Before purchasing a buying your first home, it’s essential to determine how much money you need to save upfront to cover:

• The cost of transfer duty (unless you qualify for a full exemption, which means you pay $0);
• Various bank and government fees;
• A deposit to buy your home, usually a minimum of 5% of the property price.

As Brisbane Mortgage Brokers and Gold Coast Mortgage Brokers, we’re here to assist you with understanding what you need to save, and how this relates to your home loan.

What other Government Financial Assistance Programs could I get?

Keep in mind that many first-time buyers are eligible for more than just the First Home Concession QLD, in fact there are seven different Government Financial Assistance programs for first time buyers in QLD.

There’s a wealth of information on these programs, and the tricky part is interpreting the rules for your specific situation which can be quite complicated.

The easiest way to get an idea right now of what you’re eligible for, is to simply do this 1 min quiz and I’ll email you a short guide.

Alternatively, many clients we’ve helped in the past have told us that easiest way to understand what programs they’re eligible for and more importantly, how they interlink with their home loan, is to book a free 20min call with me.

On your call, I help by guiding you towards:

• all first time buyer Financial Assistance Programs you may qualify for
• how much deposit you need saved to buy a home
• how much you can spend on a home
• simple strategies to increase your borrowing capacity.

This will immediately clarify your options and the next steps to take.

If you’re interested, feel free to schedule a no obligation free 20-minute call with me.