The reintroduction of the owner-occupiers concessions on transfer duty by the Queensland government will save home buyers up to $7,175 from today.
The concession was withdrawn in August last year by the previous Labor government which saw the duty on a $450,000 home increase from $7,000 to $13,575. The new concessional rates will result in savings of $6,575 for homes up to $500,000 and savings of $7,175 for homes over $550,000. The new rates bring the stamp duty for a $450,000 home back to $7,000.
The new concessions will not impact on first home buyers for homes up to $500,000 or investors. First home buyers will still receive a concession resulting in no stamp duty being payable for homes up to $500,000. Investors will continue to pay the full rate.