Time for you to move in: How many ‘hidden costs’ are you currently using?
Queensland has actually exemptions getting basic residential property that will be valued to $five-hundred,000. In case the first residential buy falls within diversity, you might not pay people stamp responsibility whatsoever. That is a prospective protecting of up to $15,925 (the maximum stamp duty discount offered to earliest home buyers inside the Queensland).
Although very first domestic worthy of range from $five-hundred,000 so you’re able to $550,000, you continue to stand to generate larger discounts. State the property may be worth $530,000 in this case, brand new payable stamp responsibility is simply $6,three hundred, which is $step 3,five hundred less than when it was not very first house purchase.
Be aware that as the worth of the first domestic surpasses the brand new $550,000 endurance, this type of stamp obligations benefits phase out.