- Miles Government slashed stamp duty now available for Far North first homebuyers on homes up to $700,000
- Builds on doubling of First Home Owner Grant to help buy or build first new home
- Increased thresholds expected to help 10,000 first homebuyers a year
- More Queenslanders could buy a home, if LNP stopped blocking Federal Government Help to Buy Scheme
Far North Queenslanders looking to buy their first home are being encouraged to take up increased stamp duty concessions and grants now available, as the Miles Government continues to roll out its Homes for Queenslanders plan.
Earlier this month, the government lifted the threshold on transfer duty by $200,000 to $700,000 for first homeowners, with concessions up to values of $800,000.
That’s on top of doubling the First Home Owner Grant from $15,000 to $30,000 as well as the passing of state legislation to enable the Federal Government’s shared equity scheme: Help to Buy.
Almost 3,000 Queensland first homeowners have benefited from the First Home Owner Grant this financial year with more than $50 million provided in grants between 1 July 2023 and 31 May 2024, this includes 178 households in the Cairns region who have been assisted with more than $3.24 million in funding.
Increasing thresholds for the first home concessions on transfer duty is expected to support more than 10,000 Queensland first homeowners each year including those in the Far North.
Housing Minister Meaghan Scanlon says more 8,000 Queenslanders could get help to buy a home, if the LNP stopped blocking Help to Buy legislation in Canberra.
Both Bills need to pass in order for the scheme to take place.
If the LNP and Greens stop blocking legislation at a Federal level, where it currently sits before the Senate, it could mean that Queenslanders will be able to access the Help to Buy scheme later in 2024.
As stated by Housing Minister Meaghan Scanlon:
“Under our Homes for Queenslanders plan, there’s more help available right now for Far North Queenslanders to buy their first home.
“The increase in threshold on transfer duty will open the door for many first homeowners to save thousands of dollars and get into a place they can call home. For a couple buying a first home in Cairns for $700,000 this represents a saving of more than $17,000 in transfer duty.
“We could do more though if the LNP stopped blocking legislation to get a shared equity scheme in Queensland that could help 8,000 households.”
