Home / First Home Buyers / Stamp Duty Guide

Stamp Duty Concessions for First Home Buyers

Many first home buyers qualify for stamp duty exemptions or concessions, potentially saving thousands of dollars. Let's understand when and how.

What is stamp duty?

Stamp duty is a government tax on property purchases, calculated as a percentage of the purchase price. It's a significant upfront cost that varies by state and property value.

Example: $500,000 property

  • NSW: Approx $20,000–$22,000
  • VIC: Approx $22,000–$24,000
  • QLD: Approx $18,000–$20,000
  • WA: Approx $19,000–$21,000

First home buyer concessions can reduce or eliminate this cost entirely.

NSW First Home Buyer Concessions

Exemption (Up to $600,000)

  • Eligible: Purchase price up to $600,000
  • Benefit: Full stamp duty exemption ($0 payable)
  • Condition: Land area must not exceed 1 hectare (or 2 hectares if in regional NSW)

Concession ($600,000–$800,000)

  • Eligible: Purchase price $600,000–$800,000
  • Benefit: Sliding scale concession (costs gradually increase from $0 at $600k to full duty at $800k)
  • Condition: Land area limits still apply

Victoria First Home Buyer Concessions

Exemption (Up to $600,000)

  • Eligible: Purchase price up to $600,000
  • Benefit: Full stamp duty exemption

Concession ($600,000–$750,000)

  • Eligible: Purchase price $600,000–$750,000
  • Benefit: Sliding scale concession

Queensland First Home Buyer Concessions

Exemption (Up to $500,000)

  • Eligible: Purchase price up to $500,000
  • Benefit: Full stamp duty exemption

Concession ($500,000–$550,000)

  • Eligible: Purchase price $500,000–$550,000
  • Benefit: Sliding scale concession

Who qualifies for concessions?

  • First home buyer: Haven't owned residential property in Australia in the past 12 months
  • Primary residence: Purchasing as a main residence, not investment property
  • Land area: Must meet state-specific land area limits (usually 1–2 hectares)
  • Duty-free agreement: Property isn't subject to a covenant requiring duty payment (rare)
  • Co-ownership: All co-owners must be first home buyers (if joint purchase)

Common scenarios and savings

Scenario 1: $450,000 property in NSW

  • Without concession: ~$16,500 stamp duty
  • With concession: $0 stamp duty (full exemption)
  • Savings: $16,500

Scenario 2: $650,000 property in NSW

  • Without concession: ~$24,500 stamp duty
  • With concession: ~$7,500–$10,000 (sliding scale)
  • Savings: ~$14,500–$17,000

How to claim your concession

  1. Contact your state's revenue office or lodging agent before settlement
  2. Provide proof: Declaration that you're a first home buyer (usually a statutory declaration)
  3. Lodge application: Submit concession claim with required documents
  4. Approval & settlement: Once approved, you pay the concession amount (or $0 if exempt) at settlement

What if you buy with a partner or family member?

If co-buying with a spouse or de facto partner:

  • Both must be first home buyers for concession eligibility
  • If only one partner is a first home buyer, neither may qualify
  • Age and relationship requirements vary by state

Important deadlines

  • Apply before settlement: Concession claims must usually be lodged before or shortly after settlement
  • Check state deadlines: Vary by NSW, VIC, QLD, WA and other states (usually within 6–12 months post-settlement)
  • Work with a conveyancer: They typically handle the claim on your behalf

Estimate your stamp duty savings

Use our stamp duty calculator to see exactly how much you could save as a first home buyer, then talk to CredQ about your eligibility and application.

Calculate Stamp Duty
Talk to us