Queensland Stamp Duty changes: who benefits?

In May 2025, changes to Queensland’s stamp duty rules came into effect, helping to reduce upfront costs for eligible first home buyers. The most significant update applies to those purchasing newly built homes, who may now be able to apply for a full exemption from transfer duty.

In this blog, we explain what stamp duty is, how it’s calculated in Queensland, and how these changes could affect you – depending on the type of property you’re looking to buy.

What is stamp duty?

Stamp duty, officially known as transfer duty in Queensland, is a tax you pay to the state government when you buy a property. It’s usually paid at settlement and is based on the property’s value.

For first home buyers, stamp duty can be one of the largest additional expenses involved in entering the market. While concessions have been available in the past, they haven’t always kept pace with rising property prices – making the upfront cost of buying a home more challenging.

How is stamp duty calculated in Queensland?

Transfer duty in Queensland is calculated on a sliding scale. That means the higher the purchase price, the more duty you’ll pay – unless you qualify for an exemption or concession.
For example, if you’re buying a home for $600,000, you could expect to pay just under $16,000 in stamp duty without any exemptions. At $700,000, that figure rises to more than $17,000.

Understanding what exemptions or concessions apply to your situation can make a significant difference to your overall costs – especially as a first home buyer.

Who benefits from these changes?

If you’re buying a brand-new home as your first property, there’s a good chance you won’t need to pay any stamp duty at all. From 1 May 2025, first home buyers who purchase a newly built home – like a house, townhouse, or apartment that’s never been lived in or sold before – may be eligible to apply for a full exemption from transfer duty.

This includes properties bought off-the-plan or just completed, as long as they meet the eligibility criteria and are intended to be your main residence.

This exemption can take thousands off the total cost of your first home – potentially freeing up funds for your deposit, moving expenses, or furnishing your new place.

What if the home you’re buying isn’t brand new?

If the property you’re buying has been previously lived in or sold, you might not get a full exemption – but you could still be eligible for a decent saving.
Under the updated rules that came into effect in 2024:

• If you’re buying an existing home valued at $700,000 or less, you may be eligible for a full transfer duty exemption
• For homes priced between $700,000 and $800,000, a partial concession may apply

These thresholds provide a bit of breathing room for first home buyers purchasing established properties in that entry-level price range.

Final thoughts

If you’re a potential first home buyer in Queensland, these stamp duty changes could make a meaningful difference to your budget – especially if you’re looking at new builds. While the rules vary depending on the type of home you’re buying and how much it costs, it’s worth taking the time to see what you might be eligible for.
If you’re unsure how these changes might affect your situation, the team at McGrath Aspley is here to help.

Contact us today to learn more about how we can assist with your property journey.

Disclaimer   

All information is general and not intended as a substitute for professional advice.