When you purchase a property you have to pay stamp duty to the government.  This is a tax levied for money transaction by the Office of State Revenue. State governments in Australia levy different rates of stamp duty for different territories.   Stamp duty is collected for funding state welfare programs like public safety, education, healthcare and law enforcement programs.  Stamp duty is usually calculated as a certain percentage of the property’s purchase price.  Stamp duty concessions and other bonuses are made available to cut down the cost of purchasing your first property.

Stamp Duty Concession For First Time Home Buyers

First time home qualifying buyers in Australia are eligible for a grant of $7000 which is sponsored by the federal government.  State governments have grants or concessions to offer the eligible home buyers relief from the stamp duty.  If you are a first time home buyer you can first calculate how much will be the stamp duty for your home or land price. You can easily calculate this from the state’s Office of Revenue.

Australian Capital Territory

Australian Capital Territory has a Home Buyer Concessions Scheme under which first time home buyers in addition to the first home owner’s grant.  Find out your eligibility criteria which vary depending upon your home purchase date.

New South Wales

In New South Wales, you can avail the First Home Plus Scheme along with the First Home Owners Grant.  Under the First Home Plus Scheme, you can avail exemption from stamp duty, based on the market value of your property.

Northern Territory

In Northern Territory, you can avail the First Home Buyer Concession that offers a stamp duty concession up to $15,515.50 on the first $385, 000 of the purchase value of the property.  You an avail this in addition to the first home buyers grant. 

Western Australia

First time home buyers in Western Australia are also eligible for First home buyer’s concession exempting stamp duty for property values up to $400,000 for vacant land and up to $600,000 for land and house. 

Queensland

If you are a first home buyer in Queensland you can avail first home owners grant as well as the first home buyer’s concession of stamp duty. The stamp duty is exempted on the property value of $500,000.  You can save up to $8750 in stamp duty.  You can apply for the first home owners grant and the stamp duty exemption proper documentation.  

South Australia

Those eligible for a first home owner’s grant who buy a property priced up to $450,000 can apply for the First Home Bonus Grant. 

Tasmania

First home buyers in Tasmania are eligible for the first home owner’s grant as well as the first home buyer’s duty concession.  The concession is available for purchase of both vacant land and for purchase of a house.

The stamp duty is exempted as a measure to encourage people to own a home for the first time.  The stamp duty concession also helps the sellers and home builders to sell their properties as property buying has touched an all time low in the recent times.  The stamp duty concession is definitely a positive step in enabling people to own their homes.