First Home Buyer Benefits in Queensland: Your Complete Guide
- Steve Dart
- 2 hours ago
- 5 min read
Buying your first home is an exciting milestone, but navigating the various government incentives and benefits can feel overwhelming. The good news? Queensland first-home buyers have access to some of the most generous support schemes in Australia, potentially saving tens of thousands of dollars.
Here's everything you need to know about the four key benefits available to first-home buyers in Queensland right now.
Are You Eligible?
Before diving into the benefits, let's confirm eligibility. To qualify as a first home buyer in Queensland, you must:
● Be at least 18 years of age
● Be an Australian citizen or permanent resident
● Have never owned property in Australia before
● Intend to live in the property as your primary residence
Once you meet these criteria, you can access different benefits depending on what type of property you're purchasing.
Benefit 1: Stamp Duty Exemption on Established Homes
One of the most significant savings for Queensland first-home buyers is the stamp duty concession on established homes.
Under $700,000: Pay $0 stamp duty
Between $700,000 and $800,000: Receive a sliding discount on stamp duty
This benefit alone can save you substantial amounts. Here's what stamp duty typically costs without the concession:
● $710,000 property: $1,735 (you pay $0)
● $750,000 property: $10,925 (you pay reduced amount)
● $770,000 property: $15,500 (you pay reduced amount)
● $790,000 property: $18,000 (you pay reduced amount)
● $800,000 property: $21,850 (you pay reduced amount)
Not suggesting to not include numbers but there are a lot to check and not referenced. Maybe a table or link to QLD Revenue office?
Above $800,000: Full stamp duty rates apply
For a first home buyer purchasing a $700,000 established home, this exemption saves approximately $21,000 - money that can stay in your pocket or contribute to your deposit.
Benefit 2: First Home Owner Grant (FHOG)
The First Home Owner Grant provides $30,000 toward the purchase or construction of a new home.
Key Requirements:
● The property must be valued under $750,000
● It must be a new home (either newly built or one you're building)
● You receive the $30,000 grant
● No Stamp Duty: Eligible buyers pay $0 in transfer duty, regardless of the land value, provided it is for residential use
This is an incredibly powerful benefit for those building or buying new. The combination of the $30,000 grant plus stamp duty exemption can provide over $40,000 in total benefits, significantly reducing the deposit required.
Benefit 3: Stamp Duty Exemption on Vacant Land
Planning to buy land and build your dream home? Queensland first home buyers pay $0 stamp duty on vacant land purchases, regardless of the land's value.
Why This Matters: There's no price cap on this benefit, which makes it particularly valuable for those purchasing land in premium locations or larger blocks. Combined with the First Home Owner Grant when you build, this creates a powerful pathway to home ownership.
The Strategy:
Purchase vacant land - pay $0 stamp duty
Build a new home valued under $750,000
Receive $30,000 First Home Owner Grant
This approach maximises your benefits and can save you $50,000 or more compared to purchasing without these concessions.
Benefit 4: First Home Guarantee Scheme
Beyond Queensland-specific benefits, eligible first home buyers can access the federal First Home Guarantee Scheme, which eliminates the need for Lenders Mortgage Insurance (LMI).
What This Means: Normally, if you have less than a 20% deposit, you'd need to pay LMI - often costing between $10,000 and $25,000 depending on your loan amount. Under the First Home Guarantee Scheme:
● You can purchase with as little as a 5% deposit- plus purchase costs ie stamp duty etc
● No LMI is required (the government guarantees the loan instead)
● You can enter the market sooner with a smaller deposit
Important Consideration: While you can purchase with a 5% deposit, remember that a smaller deposit means a larger loan and higher repayments. It's essential to ensure you can comfortably service the loan before proceeding.
Common Questions
Do I Have to Pay LMI? Not if you're using the First Home Guarantee Scheme from 1 May 2025. This benefit alone can save you tens of thousands of dollars.
What if I Go Over $800,000? For established homes over $800,000, full stamp duty rates apply. However, if you're building or buying new over $750,000, you won't receive the First Home Owner Grant but may still access the First Home Guarantee Scheme for your deposit.
How Long Do I Need to Live in the Home? You must move into the property within 12 months of settlement and live there for at least 6 months. This ensures the benefits go to genuine first home buyers rather than investors.
Maximising Your Benefits
The key to maximising these benefits is understanding which combination applies to your situation:
Buying Established Under $700k:
● $0 stamp duty
● First Home Guarantee (no LMI)
● Total savings: potentially $22,000+
Building or Buying New Under $750k:
● $30,000 First Home Owner Grant
● $0 stamp duty
● First Home Guarantee (no LMI)
● Total savings: potentially $60,000+
Buying Land and Building:
● $0 stamp duty on land (any value)
● $30,000 First Home Owner Grant (if building under $750k)
● First Home Guarantee (no LMI)
● Total savings: potentially $70,000+
Getting Started
Understanding these benefits is the first step. The next is ensuring you're structuring your purchase to take full advantage of what's available while securing the right finance for your situation.
At Astute East Brisbane, we specialise in helping first home buyers navigate these benefits and secure finance that sets them up for long-term success. We'll help you understand exactly which benefits apply to your situation and how to maximise your savings.
Ready to explore your first home options? Check out our online calculators here or contact us on (07) 3667 8988 to discuss your pathway to home ownership.
Disclaimer:
Astute Financial Management Pty Ltd | ACN 093 587 010 | Australian Credit Licence 364253 | Davgan Insurance & Wealth Pty. Ltd. T/As Astute East Brisbane Corporate Authorised Representative (425641) of Alliance Wealth Pty Ltd | ABN 93 161 647 007 | AFSL 449221. www.centrepointalliance.com.au/aw | General Insurance provided by Astute Insurance Pty Ltd | ABN 59 622 582 236 | Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433. Health Insurance products are underwritten by St Luke’s Medical and Hospital Benefits Association ACN 009 479 618 (St.LukesHealth), a registered private health insurer, [trading as Astute Simplicity Health] and members are introduced by Astute Financial Management Pty Ltd or related entities (collectively known as Astute) for which Astute receives a commission.
General Advice Warning:
This communication contains general information only and in no way constitutes the provision of professional advice, nor should it be relied on as a substitute for financial, credit, accounting, legal or other professional advice. We have not taken into account your financial situation, investment objectives or particular needs. Before making an investment or financial decision, a person must seek appropriate independent professional advice and also consider whether this information is appropriate to their needs, objectives and circumstances. The author as well as their representatives, agents and employees give no guarantees and make no representations, express or implied, as to the accuracy, currency, completeness or suitability of the information contained in this document. Nor do they accept any liability whatsoever as a result of any information herein being incorrect, incomplete or unsuitable or as a result of a person in any way using or relying on the information herein.
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