Stamp duty concessions for first homebuyers in 2022

One of the added costs to buying a house and getting a home loan is in the form of fees charged by the government. Stamp duty is a tax charged by states in every transaction that requires transfer documents. Getting a home loan and transferring a house to a new owner will require you to pay stamp duty. Fortunately, states and territories have stamp duty concessions for eligible buyers.

The cost of stamp duty is different across states and will depend on the transaction and the type of property. It will also depend on which state you are in. 

Some states and territories offer leeway to first home buyers through stamp duty concessions. 

Types of stamp duty exemptions in 2022

First home buyer stamp duty concession

Eligible buyers who have never bought and owned a property before are qualified for this benefit. States and territories have property price cap requirements. 

First home vacant land concession

Eligible buyers may avail of concessions when they buy a lot to build their first home. 

Pensioner stamp duty concession

Some states grant stamp duty concessions to eligible pensioners. 

Off-the-plan stamp duty referral

Some states may defer stamp duty payments for a set amount of time for off-the-plan projects and newly built homes.

Stamp duty concessions in every state in 2022

New South Wales (NSW)

If you are from New South Wales, you may apply for a full stamp duty discount if the property you are buying is worth $650,000 and below. There is also a stamp duty concession available for properties valued at $650,000 to $800,000. This is under the First Home Buyers Assistance Scheme. 

The state also grants stamp duty deferral for up to a year after you sign the agreement. This period may be extended until the property turnover of off-the-plan homes. 

Victoria (VIC)

Under the First Home Owner Grant, eligible Home Buyers are entitled to stamp duty concession for properties valued under $650,000. If your property is worth between $650,000 and $800,000, you may still avail of a 50% reduction. 

The state also offers stamp duty exemption to first home buyers with a dependant child. This is for properties valued under $150,000 and within 11 months of the contract of sale. 

As a resident of Victoria, you may also apply for a concession for your principal place of residence. This is if you occupy for the first twelve months since acquisition and the next twelve.

You may qualify for stamp duty concession on off-the-plan properties. However, you should qualify first for the first home buyer duty concession or the principal palace of residence concession. 

Pensioners may get a stamp duty exemption one time for homes valued under $330,000. 

If by the time you purchased your property, you were not aware of these concessions, you may apply for a refund. 

Queensland (QLD)

In Queensland, even if you are buying a second property, you may still apply for a stamp duty concession. However, it only applies to the first $350,000 of the property value. The excess after that value will be charged with stamp duty as usual. 

For first home buyers, stamp duty concession is available for homes below $550,000. If you buy a lot for your first home, you may also file for a stamp duty concession. That is, provided that the lot is under $400,000 and you move in within 2 years of settlement. 

If the transfer is between spouses, stamp duty is waived.

Western Australia (WA)

If you are eligible under the First Home Owner Grant, you may get stamp duty savings in Western Australia. For houses and lots valued at $530,000, stamp duty concession is also available. As well as for vacant lands worth $400,000 and below.

Transfer of family farm properties and to charities are also exempted. 

Tasmania (TAS)

50% stamp duty discount is available for homes with a dutiable value of $500,000. For pensioners downsizing their homes, a 50% reduction of stamp duties is available so long as the property is under $500,000. 

Stamp duty is waived for spousal transfers and for transfers due to the breakdown of a relationship. 

South Australia (SA)

There are no stamp duty exemptions in South Australia. It may only apply in family law agreements, family farm transfers, bankruptcy, religious bodies, and charitable institutions. 

Australian Capital Territory (ACT) 

All new home buyers are exempted from paying stamp duty in the ACT. There are no property price caps as well. However, this is based on an income threshold.

To find out more about the eligibility requirements, you visit your state’s revenue website.