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First Home Buyer Stamp Duty Concessions (State-By-State)

clock icon September 25, 2019

The cost of stamp duty can be a significant barrier for anyone buying property. If you are a first home buyer in Australia, it can add an extra cost you aren’t ready for. Fortunately, many stamp duty concessions exist for first home buyers.

What is stamp duty?

Stamp duty is a government tax imposed on transactions like real estate. The amount varies depending on the State and is usually calculated as a percentage of the sale price.

What is the stamp duty concession for first home buyers?

A stamp duty concession helps to lower the rate of stamp duty paid on a property sale. Most states offer a first home buyer concession on stamp duty. A first home-owner can be exempt from paying any stamp duty if they meet the requirements.

Use the state-by-state first home buyer guide to stamp duty concessions to find out how much you can save.

If you’re interested to know how much stamp duty you might have to pay as a first home buyer, use this stamp duty calculator.

When do you pay stamp duty?

Stamp duty is usually payable within 3 months of exchange of contract or prior to settlement, depending on how long there is between the two.

A normal settlement period is 6 weeks from the exchange of contract, but this can stretch if, for example, the clients are purchasing of the plan. If this is the case and settlement is not going to happen for say 12 months, stamp duty would need to be paid within the first 3 months from exchange.

State-by-state stamp duty concessions

Stamp Duty Concessions Guide for First Home Buyers State-by-State

NSW First Home Buyer Concessions

In New South Wales, first home buyers do not pay stamp duty on property up to $650,000. The government also provides a concession (a sliding discount) on a home valued between $650,001 and $800,000.

VIC First Home Buyer Concessions

In Victoria, eligible first home buyers purchasing a property valued up to $600,000 are exempt from stamp duty. Between $600,001 and $750,000 you will receive a concessions discount on a sliding scale.

QLD First Home Buyer Concessions

In Queensland, first home buyers are exempt from stamp duty for purchases of established homes up to $500,000. A concession is then applied on a sliding scale for properties up to $600,000.

SA First Home Buyer Concessions

Unlike most States and Territories, South Australia does not currently offer any stamp duty concessions or exemptions for first home buyers. There is, however, a first homeowner grant where you might be eligible to receive a $15,000 grant when buying or building a new home.

WA First Home Buyer Concessions

In Western Australia, first home buyers are exempt from paying stamp duty on home purchases up to $430,000. There concessions are available on homes valued between $430,001 and $530,000.

NT First Home Buyer Concessions

In the Northern Territory, first home buyers are exempt from paying stamp duty up to $500,000, with concessions up to $650,000.  

ACT First Home Buyer Concessions

As of 1 July 2019 in the ACT, no duty is payable on a purchase if the total gross income of home buyers (including if any partner) is below $160,000, and all buyers have not owned property in the last two years. At least one of the owners must live in the property for 12 months.

TAS First Home Buyer Concessions

In Tasmania, there is a concession that provides a 50% discount on stamp duty for first home buyers of established homes, with a value of $400,000 or less. The discount is only available for purchases of established homes that settle between 7 February 2018 and 30 June 2020.

Want to make the most of concessions?

For over 15 years, Successful Ways has run first home buyers courses to steer people like you in the right direction. The classrooms are small and run by an expert who will explain the entire buying process, including how to take advantage of government concessions and grants.

These courses also run through every step of the buying process and give you valuable knowledge to make smarter decisions.

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