STAMP DUTY CONCESSIONS FOR FIRST HOME BUYERS

Australian Capital Territory - The eligibility for the stamp duty concessions are based on the number of dependants and income. 

The duty payable on the purchase of a home of $282,500 or less is nil and $20 per $100 or part thereof above $282,500, up to the maximum of $386,000.

For more information visit the ACT Government's website

New South Wales - NO stamp duty is payable for first home buyers on purchasing a property under $500,000

For more information visit the NSW Government's website

Northern Territory - The First Home Owner Concession scheme provides a stamp duty concession of up to $3,640.60 of the duty payable to home buyers on the purchase of an existing property or land in the Territory to construct a new home, where it is their first home in Australia.

For more information visit the NT Government's website

Queensland - Residents of Queensland may be eligible for a reduction in stamp duty  

From the Queensland governments OSR website

'Transfer duty relief for home buyers from 1 August 2004

Under the new transfer duty arrangements, the lower duty rate of $1 for each $100, or part of $100, will apply to the first $300,000 of the consideration for, or value of, a home.
Impact of these changes on first home buyers

For first home buyers, no duty applies to the purchase of their home up to $250 000. Currently, where the price exceeds $250 000, home concession duty applies to the first $250 000 with a sliding scale rebate applying to homes over $250 000 up to $499 999. However, with the changes to the home ceiling concession to $300 000, the new transfer duty arrangements set out in columns 1 and 2 of Table 1 will apply.' 

For more information visit the Queensland Government's website

South Australia  - In addition to the federal grant the SA Government offers first home buyers a concession on Stamp duty on the purchase of property up to $130,000. 

For more information visit the South Australian Government's website

From 1 January 2006, the SA Government will commence phasing out all stamp duty over the following 4 years.  They will start with stamp duty on the purchase of property.

Tasmania - A duty concession of $4,000 is available to first home buyers where the purchase price of the property does not exceed $350,000.  Where the purchase price is less than $160,000 no duty is payable.

For more information visit the Tasmanian Government's website 

Victoria - In addition to the first homeowners grant of $7,000 the Victorian government will provide an additional $5,000 this additional funding ends 30th June 2005.

Western Australia - Eligible first home buyers can receive a concession on the stamp duty payable on the purchase of a home up to the value of $350,000.  No duty is payable if the home is $250,000 or less.  If over $250,000, then duty is payable at the rate of $13.20 per $100 or part thereof above $250,000. 

In addition the Real Estate and Business Agents Advisory Board offers financial support to first home buyers up to $2000.

For more information visit the Western Australian Government's website

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